MIFCO reports 35% increase in revenue

Maldives Industrial Fisheries Company (MIFCO) has reported a revenue of USD 20.8 million from the sale of its ‘Fasmeeru’ products in the previous year, reflecting a 35% increase compared to the USD 16.7 million earned in the prior year. This was disclosed in the company’s financial report. Sales of canned and pouched meat also saw a notable rise, with MIFCO earning USD 18.6 million from these products, up from USD 14.8 million in 2022. Under its Fasmeeru brand, MIFCO’s veal products gained popularity, generating USD 1.6 million in revenue last year, compared to USD 1 million in 2022. The company’s frozen fish sales also increased, bringing in USD 679,172, up from USD 526,520 in the previous year. In line with the growth in domestic sales, Maldives’ fish exports also saw an uptick, with exports of frozen shrimp, canned and pouched fish, and fish meal all rising. Looking ahead, the government aims to export a larger proportion of the fish received by MIFCO as value-added products, which is expected to significantly increase revenue, potentially doubling it.