April 4, 2012

A net profit of AED21 million (US$5.7 million) for the fiscal year 2011 has been registered by Asmak International Fish Farming Holding Co. PJSC, the company announced Sunday (Apr 1).

Following a meeting of its Board of Directors, the company will hold its Annual General Meeting on April 23. The Board also approved the decision to refrain from dividend pay-out, which will ensure operational cash flow to fund existing and future projects.

The Board additionally emphasised Asmak's organisational structure, which includes three distinct lines of business with each entity being run by experienced and professional domain experts. The three lines of business are: Aquaculture, Real Estate and Contracting.

Hamad Al Shamsi, Chairman of Asmak, said: "The Board of Directors has emphasised the structure of the company with the appointment of the Group CEO Mamoon Othman. We are confident he will lead the company in its growth and diversification plans, which are in line with the strategic goals of the Government of Abu Dhabi's 2030 vision."

In 2010, Asmak's profits exceeded AED71 million (US$19.3 million). The company attributed the decline in profits during 2011 to the continuing slowdown in the global and regional economies, especially in the real estate sector.

Al Shamsi went on to explain: "The Board of Directors has approved several key decisions that will enable us to achieve our vision of becoming a global leader in the aquaculture and sea food manufacturing industries in addition to expanding our footprint beyond the region. It is indeed commendable that the company has achieved a remarkable profit despite the sluggish growth in the economies of the region and the world.