DUBAI: Shrimp sales were the catch of the day for Saudi Arabia’s Jazadco last year as it swung to a profit — its best in six years.
The Jazan-based company with interests that span aquaculture, agriculture and real estate, reported a profit of SR10.8 million ($2.9 million) last year compared to a loss of SR12.9 million a year earlier. Sales rose by 18 percent to SR85 million, it said in a stock exchange filing.
Jazadco underwent an organizational restructuring last year which saw it cut costs and revamp its sales and marketing strategy.
“The company has achieved the highest net income since 2015 due to the growth in sales and restructuring,” it said in the filing.
Despite the forced closure of restaurants worldwide last year as economies locked down, seafood sales remained buoyant in many markets as people treated themselves to slap up meals at home — especially in the early days of the pandemic. Shrimp sales jumped 35 percent year-over-year in 2020 to $4.2 billion, according to data from the US National Fisheries Institute’s Global Seafood Marketing Conference.
The shrimp sector also benefited from the rise in frozen food purchases last year as more people stocked up their food reserves in anticipation of potential shortages.
Jazadco said shrimp production increased 41 percent last year while elsewhere in the business, its real estate and mango sales also improved.
CAPTION: Shrimp sales helped Jazadco report its best profits since 2015. Reuters)
