TRAFCO reports H1 profit of BD1.14m
Manama : Trafco Group yesterday announced financial results for the first half of the year ending 30th June 2017, reporting a 15 per cent increase in its net profit over the same period last year.
Net profit touched almost BD1.14 million against BD985 thousand last year, although total sales dropped by 5pc to BD20m from BD21m last year for the same period.
Chairman of the Board Ebrahim Zainal said this was mainly due to a general worldwide reduction in commodity prices and less sales in value by parent company and some of the subsidiaries.
During the second quarter of 2017, the group registered a net profit of BD364 thousand against BD293 thousand for the same period last year, an increase of about 24pc. Total sales for the second quarter was BD10.3m, about 3pc down from last year’s BD 10.6m.
Sridhar, Group CEO said that during the second quarter of this year, international prices of commodities including frozen chicken that consists a major portion of parent company’s sales, continued to be depressed and lower.
Other commodities like Sugar and some Rice varieties also declined in price, but price of red meat maintained its strength, as quantities offered for export from Australia, the main source, were less.
The company said that its subsidiaries and sister companies including Awal Dairy company, the Bahrain Livestock, Bahrain Water bottling co and TRAFCO logistics in general performed well and contributed to the total positive performance of the Group.
Regarding Bahrain Livestock, the company said it has obtained necessary govt permits to operate a value added department, which is now operating under special expertise of an Australian manager.
Bahrain Fresh Fruits Company continued to register losses for the second quarter this year. The board annouced it is in the process of appointing a new manager and reorganising the management team. Metro market, another fully owned subsidiary achieved a modest profit from its six retail outlets.
The investment portfolio of the Group, performed well during the period adding a total net profit of BD611 thousand to the Group’s net results for the first half of the year, against BD465 thousand last year, an increase of about 31pc. The 2nd quarter 2017 profit was at BD38k compared to BD Nil for the same period last year.
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