Trafco Group reports profits, announces dividend

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Trafco Group disclosed its financial results for the year ended 31st December 2023, reporting profits that soared from a year ago.

Board of directors also recommended a cash dividend of 17 % on share par value (equivalent to 17 fils per share) amounting to a total dividend of BD 1,261,223.

Quarterly results Fourth quarter net profit attributable to the shareholders of Trafco was BD 102k as against BD 80k achieved during the fourth quarter of 2022, with an increase of 27 %.

Earnings per share were 2 fils compared to 1 fils during the same period of the previous year.

Total comprehensive income attributable to the shareholders of Trafco was BD 1.41m compared to negative by BD 466k of the previous year with an increase of 403% due to increase in fair value of unquoted investments.

Ebrahim Zainal, Chairman of the Board of Directors of Trafco Group, stated that the year 2023 was a good year for the operations of the parent company and its subsidiaries as a result of the availability of a good stock of materials and an improvement in the gross profit margin.

The returns from the company’s investment portfolio were better and the group was able to restructure the executive management of some companies, affiliates to achieve better results.

Full year results Full year net profit attributable to the shareholders of Trafco was BD 1.75m compared with BD 1.54m in the previous year, with an increase of 14 %.

Earnings per share for the year were 24 fils compared with 21 fils in the previous year.

Total comprehensive income attributable to the shareholders of Trafco was BD 2.99m compared to BD 1.87m of the previous year, with an increase of 60%.

The equity attributable to the shareholders of Trafco as of 31st December 2023 was BD 30.24m compared with BD 28.36m in the previous year, with an increase of 7 % mainly supported by net profit and comprehensive income.

Azzam Moutragi, Group Chief Executive Officer stated that we are happy to end the financial year with higher net profit than last year's net profit, despite the challenges that the food sector faced during the year