Oman Fisheries Company SAOG, a publicly listed seafood processor, is engaging in talks with a local investor to secure fresh capital aimed at stabilizing its faltering operations amid significant financial challenges. The company’s liquidity shortage has resulted in a near halt of fish procurement and a severe reduction in processing activity during the first nine months of 2026.
As of September 30, 2026, Oman Fisheries reported accumulated losses totaling RO 23.464 million, completely eroding its share capital. The company also faces a working capital deficit, with current liabilities exceeding current assets by approximately RO 3.178 million. This financial strain has contributed to an “exceptionally challenging” operating environment, according to the company’s Board of Directors.
The liquidity crisis forced Oman Fisheries to largely suspend fish procurement after January 2026 due to insufficient working capital, triggering a steep drop in sales and a gradual shutdown of factory operations. The company further cited delayed payments to fishermen, which eroded supplier confidence and compounded difficulties in maintaining business continuity.
This operational disruption led to a dramatic 80.2 percent decline in revenue, falling to RO 282,136 for the January–September 2026 period, down from RO 1.428 million during the same timeframe in 2025. Gross losses widened to RO 639,183 from RO 553,475 the previous year. Despite this, the company recorded a slight improvement in certain financial metrics: its operating loss narrowed to RO 1.315 million from RO 1.497 million, and the net loss decreased to RO 1.442 million compared to RO 1.693 million before. Net finance costs also fell to RO 169,316 from RO 196,594.
Oman Fisheries is relying on a proposed capital injection from an undisclosed local investor as a critical step toward reviving procurement activities, reopening processing facilities, and restoring trust among fishermen and suppliers. The Board expressed confidence that this recapitalization will mark a significant milestone in the company’s turnaround efforts, potentially enabling financial stabilization, operational growth, and increased shareholder value over the long term.
In preparation for broader operational recovery, the company resumed third-party processing in September 2026, handling 269 metric tonnes and working to restart export operations. These efforts aim to generate revenue and partially offset fixed costs while pursuing a comprehensive revival.
Despite these measures, Oman Fisheries continues to grapple with cash flow management, lender relations, compliance requirements, and ongoing “going concern” uncertainties. The success of the pending investment deal is viewed as crucial to restoring the company’s viability and supporting its longer-term restructuring objectives.