MIFCO Reports 35% Revenue Increase 

The Maldives Industrial Fisheries Company (MIFCO) has reported a significant 35% increase in revenue from its ‘Fasmeeru’ product line, reaching USD 20.8 million in the previous financial year compared to USD 16.7 million in 2022. The company disclosed these figures in its latest financial report.

Sales of canned and pouched fish products also saw a considerable boost, with MIFCO recording earnings of USD 18.6 million from these items, up from USD 14.8 million in the prior year. The growth reflects a rising demand for the company’s offerings both domestically and internationally.

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Within the Fasmeeru brand, MIFCO’s veal products gained popularity, contributing USD 1.6 million in revenue last year, up from USD 1 million in 2022. Additionally, sales of frozen fish increased, generating USD 679,172, compared to USD 526,520 in the previous year.

This revenue growth aligns with an overall increase in Maldives’ fish exports, with stronger sales in frozen shrimp, canned and pouched fish, and fish meal products.

Looking forward, the government aims to expand the export of value-added fish products processed by MIFCO, a strategy expected to further enhance revenue, potentially doubling it in the coming years.