Trafco Group discloses financial results

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Trafco Group yesterday disclosed its second-quarter 2021 and half-yearly results, which the company said in the quarter was impacted by the lower value of sales at squeezed margin due to prevailing market conditions.

Quarterly results

The second-quarter net profit was BD 219k compared to BD 312k in the same quarter of the previous year, a decrease of 29.8%. Earnings per share were 3 fils compared to 4 fils in the same quarter a year ago. The total comprehensive income related to Trafco Group shareholders was BD 285k compared to BD 476k of the second quarter of the previous year with a decrease of 40.1%. Ebrahim Zainal, Chairman of Trafco Group stated that the decrease in the net profit for the second quarter of 2021 was due to lower value of sales at squeezed margin due to prevailing market conditions.

Half-year results

For the half-year of 2021, the group achieved a net profit related to Trafco Group shareholders of BD 865k compared with BD 1,096k in the same period of the previous year, with a decrease of 21%.

Earnings per share were 12 fils compared with 15 fils in the same period of the previous year. The total comprehensive income related to Trafco Group shareholders was BD 1,632k compared to BD 376k of the same period of the previous year, with an increase of 334%.

The total shareholders’ equity (excluding minority interests) was BD 27.38m compared with BD 26.86m at the end of last year, with an increase of 1.9%. The total assets during the half-year of 2021 were BD 45.79m compared to BD 45.47m at end of last year, with an increase of 0.7 %.

Azzam Moutragi, Group CEO of Trafco Group stated that the decrease in the net profit for the half-year of 2021 was due to tough competition and less demand from HoReCa sector and retail outlets. “Subsidiaries suffered similarly with the manufacturing units Gross Profit affected due to higher cost of ingredients and packaging materials.”wwww