The Abu Dhabi National Foodstuff Company (Foodco) announced that its net profits soared 15.1% to AED 38.8 million for the first quarter of 2006 against AED 33.7 million in the comparable period last year.
The meeting of the board of directors held recently was also informed that earnings per share worked out to AED 0.45 against AED 0.39, an increase of 15.39%.
“These remarkable figures clearly underline the sound fundamentals of our company as we grow from strength to strength by acquiring new businesses and expanding existing operations,” said Foodco's Managing Director and Member of the Board of Directors, Ahmed bin Ali Khalfan Al Dhahery. “The first quarter is a strong indication of the direction the company will take for the rest of the year,” he added.
Foodco also registered a major increase in sales that went up by 48.59% to AED 31.5 million for the first quarter this year from AED 21.2 million for the same period last year.
Announcing this, Mr. Ahmed Al Dhahery said “Net income from investments showed a remarkable jump to AED 39.07 million during this quarter against AED 35.8 million for the similar period last year.” Shareholders earnings also increased to AED 303.2 million compared to AED 301.4 million last year, he added.
The company recently announced a major expansion into the GCC market by setting up a branch in Bahrain. “We are clearly looking to increase our reach into a wider business arena and this is part of our long-term strategy,” Mr. Al Dhahery observed.
A large portfolio of high profile premium brands has enabled Foodco to boost its profitability levels from current operations. These brands include major household names such as Virginia, Shehrazade, Mubarak Basmati Rice, Quick Tea, F Tissues, Wrap 'n' Roll Aluminium Foil, Master Food and Master Chef range of food products. Foodco also has sole agency rights of major international brands such as Pasta Zara, Orlando Vine Leaves, Languiru Frozen Chicken, Golden Frozen Chicken From Frangasul-Doux, Jelly Joy Juice and Pak Dairy.
© 2006 Al Bawaba (www.albawaba.com)
