Chairman and CEO of Fresh Del Monte Produce, Mr. Mohammad Abu Ghazaleh, Announces Strong Financial Results for the First Quarter of 2008
Spearheaded by Mr. Mohammed Abu Ghazaleh, Fresh Del Monte Produce Inc. NYSE:FDP), a leading global producer and distributor of high-quality fresh
and fresh-cut fruit and vegetables as well as prepared food in Europe, Africa and the Middle East, along with the 98% owned “National Poultry Company” in Jordan, recently reported strong and increased financial results for the quarter which ended March 28, 2008.
The first three months of 2008 witnessed an increase in net income of $12million and an increase in net sales of $58.9 million compared to last year’s results. The report highlighted a net income of $63.6 million for the first three months of 2008, compared to a net income of $51.6 million for the first three months of 2007. Net sales for the first quarter of 2008 were
$894.9 million, compared to $836.0 million in the same period last year.
Solid net sales and net income were driven by a combination of factors primarily associated with the company’s reliable business strategy in global markets. Better “banana’ selling prices and “other fresh produce” businesses collectively contributed to this robust performance.
On this occasion, Mr. Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief Executive Officer said: “we are proud of our results in the first quarter of 2008, and we are encouraged by the progress we made in managing the exceptionally high costs that continue to affect our business. These costs include the highest fuel and fertilizer prices in history and higher costs of packaging and labor.”
Mr. Abu Ghazaleh added: “in spite of these high cost challenges, our business is growing steadily and demand for our products is growing around the globe. We are firmly committed to our strategy of investing in markets, such as Jordan, that offer long-term growth opportunities. In the meantime, we are working to create greater efficiencies and control costs across our business. During the first quarter of 2008, we demonstrated that Fresh Del Monte is able to deliver solid financial results even in a tough market.”
Boiler Plate:
Established in 1892, Fresh Del Monte Produce Inc. is one of the world’s
leading vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well as prepared
food in Europe, Africa and the Middle East. With a global workforce of more
than 38,000, Fresh Del Monte Produce employs 1,360 in Jordan and owns 98% of the Jordanian National Poultry Company, one of the leading producers of
Poultry in the Middle East.
