Trafco Group Q3 net profit up by 15%
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Trafco Group has reported a net profit of BD 278,000 for the third quarter of 2020, an increase of 15 percent from the BD241,000 earnings of the same period last year.
Trafco Group chairman Ebrahim Zainal attributed the net profit increase to the positive results of some of the sister companies and the government’s support for national companies to mitigate the impact of the coronavirus pandemic.
The government’s support to cover part of the wages and salaries of national workers in its subsidiary companies has helped the group maintain the level of its overall results.
The diluted earnings per share for the third quarter of the 2020 were 4 fils compared to 3 fils during the same quarter of previous year.
The total comprehensive income for the third quarter of 2020 is BD658,000 compared to BD675,000 of the same quarter of previous year related to Trafco Group shareholders with a decrease of 3 percent.
For the nine months ending in September, the group achieved a net profit related to Trafco shareholders of BD1.375 million compared with BD1.3 million in the same period of previous year, with an increase of 6 percent.
Trafco Group CEO S Sridhar said the group maintained its overall sales and expenditure at the same level because of the government subsidy.
The diluted earnings per share for the nine months period were 18 fils compared with 17 fils in the same period of previous year.
The total comprehensive income for the nine months period of 2020 of BD1.034 million compared to BD2.726 million of the same period of previous year related to Trafco Group shareholders, with a decrease of 62 percent. The steep decrease was mainly due to valuation of quoted investments, which dropped during this period.
The total shareholders’ equity (excluding minority interests) as of 30 September was BD26.06 million compared with BD26.14 million in the same period of previous year, with a decrease of 0.3 percent.
The total assets as of 30 September reached BD44.5 million compared to BD45.38 million in the same period of previous year with a de- crease of 2 percent.
The full set of financial statements and the press release are available on Bahrain Bourse’s website www.bahrainbourse.com and Trafco Group’s website www.trafco.com.