The state-owned fish company, the Maldives Industrial Fisheries Company (MIFCO), earned MVR 1.2 billion from fishing last year.
According to the State Trading Organization (STO)'s Annual Report, its subsidiary, MIFCO, earned MVR 1.2 billion from fisheries last year. This is a 17 percent increase compared to the MVR 1 billion earned in the previous year.
Last year, 58,250 fish were purchased and exported. MIFCO exported the largest quantity of fish in its history last year, which earned them a large amount in foreign currency.
According to STO's financial report, two vessels were acquired last year to increase MIFCO's fish purchasing capacity. The company acquired a 2,500 metric tonne vessel and a 100 metric tonne vessel last year and opened four ice plants. These facilities produce between 25 tonnes and 50 tonnes of ice. The plants were opened in R. Maduvvari, Ha. Hoarafushi, K. Gaafaru, and Felivaru Fisheries Complex.
