Trafco Group Q1 profit grows 8%

TDT | Manama                                                          

The Daily Tribune – www.newsofbahrain.com

Trafco Group yesterday said its profit grew in the first quarter of 2023, helped by improvement in the performance and profitability of some subsidiaries.

Ebrahim Zainal, Chairman of Trafco Group, said the company also benefited from an increase in income from the first quarter investment portfolio, resulting in better net profits compared to the same period of the previous year.

First quarter net profit attributable to the shareholders rose 8% to BD 880k from BD 815k in the same-quarter a year ago. Earnings per share were 12 fils compared to 11 fils in the year-ago quarter.

The total comprehensive income attributable to the shareholders of Trafco Group was BD 1.15m compared to BD 1.72m during the same period of previous year, with a decrease of 33%.

Azzam Moutragi, Group CEO, stated that due to the increase in financial cost and fluctuations in material prices the result of the parent company was affected.

Further, he also stated that the decrease in the comprehensive income attributable to the group’s shareholders during the first quarter of this year is due to the fair value changes of unquoted investments compared to the same period of the previous year.

The total shareholders’ equity (excluding minority interests) as of 31st March 2023 was BD 28.39m compared with BD 28.36m as end of last year, with a nominal increase.