Trafco Group reports Q3, nine-month profits

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Trafco Group reported a net profit attributable to the shareholders of Trafco of BD 269k for 2023 third quarter compared to BD 301k in the year-earlier quarter, a decrease of 10.6%.

Earnings per share were 4 fils compared to 4 fils during the third quarter of previous year.

The total comprehensive income attributable to the shareholders of Trafco was negative by BD 98k compared to BD 361k of the third quarter of previous year with a decrease of 127.2%.

Ebrahim Zainal, Chairman of Trafco Group stated that the decrease in the net profit for the third quarter of 2023 was mainly due to summer seasonal reasons with total volume of sales decreasing plus depressed market conditions and lower GP due to tough competition particularly in the frozen chicken sector.

With regard to the reduced comprehensive income, it was due to general downward trend in value of our investment portfolio.

Nine-month results

Nine-month net profit attributable to the shareholders of Trafco was BD 1.65m compared with BD 1.46m in the same period of the previous year, with an increase of 13%.

Earnings per share were 22 fils compared with 20 fils in the same period of the previous year.

The total comprehensive income attributable to the shareholders of Trafco was BD 1.58m compared to BD 2.34m of the same period of the previous year, with a decrease of 32%.  

Azzam Moutragi, CEO of Trafco Group stated that the increase in the net profit for the nine months ended 30th September 2023 was driven by good investment income as well as better performance of group subsidiary companies in spite of continuous impact of high financial cost besides market situation.

He adds that the total comprehensive income decrease was due to fair valuation of Quoted and Unquoted Investments at the closing date.