Trafco Group posts Q1 profit

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Trafco Group yesterday reported a first-quarter profit, which the company said was affected by rising raw materials and packaging costs, while “local selling prices remained unchanged.” Ebrahim Zainal, Chairman of the company, said the performances of its subsidiaries, “especially Awal Dairy company has not been as expected.”

Affecting the performance was raw materials and packaging costs that have been escalating in the international markets, said Zainal, adding that the “local selling prices remained unchanged.” He, however, said that the “mother company has done slightly better this quarter.”

Quarterly results

First-quarter net profit attributable to the shareholders of Trafco was BD 646k compared to BD784k in the year-ago quarter, a decrease of 18%. Diluted earnings per share were 9 fils compared to 11 fils in the same quarter a year ago.

Total comprehensive income attributable to the shareholders of Trafco Group was BD 1.35m compared to a total comprehensive loss of BD 100k of the previous year. Azzam Moutragi, Group CEO, attributed the increase to a “drastic increase in the fair value of investments which also reflected in the assets.”

Total shareholders’ equity (excluding minority interests) as of 31st March 2021 was BD 27.10m compared with BD 26.86m in the previous year, with an increase of 1%. Total assets as of 31st March 2021 reached BD 47.17m compared to BD 45.47m in the previous year with an increase of 4%.