Aquatic Foods Group Plc, a major fish and seafood producer and processor in China that supplies both domestic and export markets, named Po Ling Low as its finance director on August 9. The 42-year-old former chief finance officer of West China Cement Limited has over 18 years of experience in the corporate finance, audit and investor relations sectors across the UK and Asia.
“We are confident that her appointment will be invaluable to the company as we continue to improve operational efficiency and expand in both the local Chinese and international markets. She will also be fundamental in building and developing our international investor audience,” said Chief Executive Li Xianzhi.
The Jersey, Channel Islands-registered holding company’s principal operating subsidiary, Yantai Kanwa Food Co., Ltd, is headquartered in Yantai City, Shandong, PRC. Its Yantai Zhenhaitang Food Co. unit owns the group’s Zhenhaitang fish and seafood brand, which is well known in China’s eastern provinces. The group also operates under the Kanwa Foodstuffs banner, and its Kanwa Foodstuffs label is popular in the Japanese market.
Aquatic Foods works with a network of 50 or more regional distributors to effectively sell its products throughout 16 provinces in China. Exports go to numerous countries including Japan, South Korea and the USA. The product line runs the gamut from processed frozen seafood and seaweed-based items to marine snack foods. Frozen offerings range from breaded fish fillets, shrimp sticks and squid rings to marinated products.
Established in November of 1999 with registered capital of $6 million and a total investment of $11.4 million, the company is a comprehensive enterprise. Its Yantai Zhenhaitang Foodstuff Co. arm encompasses an area of 21,000 square meters that contain five modern processing workshops and a 5,000 metric ton capacity cold storage warehouse.
The workshops, which occupy 6,600 square meters of space, are equipped with advanced food processing facilities outfitted with cold air drying rooms, low temperature fermentation rooms, IQF machines, plate freezers, peeling and filleting equipment, vacuum packaging lines, metal detectors and stewing barbecue machines. Annual production capacity is 16,000 metric tons.
The group has experienced significant growth in recent years, with annual sales rising to RMB 667.3 million, net profit reaching RMB 118.6 million, and EBITA amounting to 23%. Sales have been driven by a combination of increased market penetration, improved average unit prices, and the introduction of new products.
