The Maldives Industrial Fisheries Company Limited (MIFCO) has generated USD106 million in revenue in 2022.
The yearly report shows that MIFCO generated 28% more in revenue compared to 2021 due to the government’s efforts to make the state-owned company profitable as well as the increase in fish purchases in 2022. The company processed a record 64,000MT of fish last year.
Additionally, MIFCO launched the HOSA mobile application last year to allow fishermen to see the areas where they have caught fish and the number of fish processed as well as select a queue number at fish processing facilities. The company also brought in fish processing vessel Jazeera Reefer, increasing its fleet to five vessels, and is currently using two vessels with fish freezing capacity, 10 collectors with refrigerated sea water (RSW) systems, and seven vessels for chartered exports.
Furthermore, opened a fish store in Hulhumale’ Phase II and launched new canned tuna products last year. They include drained tuna chunks, smoked tuna in olive oil, and tuna chunks in oil with garlic,