Ocean Gourmet rides high with peak sales and expansion plans

British Columbia-based sea cucumber and shellfish farmer, processor, and distributer, Ocean Gourmet (TSX Venture Exchange: GOP) showed financial gains for the final three months ending in December 31, 2014 and disclosed plans to expand its operations in Russia, the company announced in February.

            The company reported sales of $1,800,314 for the last three months of 2014, the highest quarterly sales reported by the company since its initial scallop seed sales of $3,000,000 during the period ended December 31, 2013. Sales of sea cucumbers have increased from $448,810 for the period ending December 31, 2013 to $1,800,314 for the same period 2014, according to MarketWatch.

            It has been an exciting ride for the Canadian company established in 2007 and that has completed a $3 million USD shellfish hatchery on Vancouver Island, British Columbia. The last year has seen the company building its own seed for several species of scallop, oysters and North American geoduck. The company also purchases sea cucumber from various sources to distribute to its international customers.   

             Earlier this year, the company said it is evaluating a business opportunity in Eastern Russia as part of its plan to expand its coldwater aquaculture operations internationally.

            “There are limited coastlines, globally, suitable for high quality, cold water aquaculture,” said Gourmet’s CEO, Peter Hughes. “Based on our initial inspection, a tenure in Eastern Russia appears ideal.”

            He added that the project would help diversify the company’s source of supply and possible cost savings because of its close proximity to seafood markets in China.

— Erich Leuning