Ocean Grown Abalone Limited (ASX: OGA) is pleased to provide the following company update:
On Monday 30th April, OGA released its quarterly update for the period ending 31st March 2018. Key highlights included production, sales and operation growth as well as an increase in OGA’s product diversification, to meet the huge demand for the highly revered, abalone product across Asia.
OGA abalone sales were up 231% with 30.8 tonnes of abalone harvested in Q3FY18 from 9.4 tonnes same time last year. Sales were mostly to Asian markets, with sales to the Australian market representing 6% of the total sales revenue.
“OGA remains focused on increasing sales in Q4FY18, primarily to the Asian markets but also to the Australian markets and beyond,” said Brad Adams, OGA Managing Director.
“Whilst the bulk of the sales are individually quick frozen abalone, there has been a growing interest in whole in shell products, vacuum packs and gift packs which include a polished abalone shell. These new product lines are currently being showcased to the Asian markets,” he said.
In February, in time for Chinese New Year, (the most popular time of year for abalone consumption), OGA released their Two Oceans Abalone retail ready packs to supermarkets across China. Last week, OGA attended the Food & Hotel Asia 2018, Asia’s most comprehensive international food and hospitality trade event in Singapore. OGA’s new gift packs with the polished shell, and retail ready supermarket packs were showcased in partnership with one of Singapore’s largest frozen seafood importers, The Seafood Company.
Prompted by a recent visit from one of Japan’s largest seafood importers, Kyokuyo Co. Ltd, OGA will continue to develop value adding product lines. For example, exporting a whole frozen in shell product to Japan and utilising by products from the abalone processing, with the gut being used in food stock and soups, and shells used for medicinal purposes as well as gifts.
As consumers, the world over, look for a clean, green and sustainably produced product, OGA abalone continues to grow to meet this increase in demand.
Read the full report: