Trafco announces profit, dividend

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Favourable raw materials cost and government support, Trafco Group said helped it achieve a 4.4 % increase in fourth-quarter net profit, despite the difficult circumstance caused by the coronavirus pandemic.

“The management-focused their efforts on those sectors that have been less affected by the Covid-19 pandemic and to work to reduce expenses as much as possible, in addition to government support that helped the group to maintain its profitability under these circumstances,” Sridhar, the Group Chief Executive Officer, said.

Trafco board also recommended a cash dividend of 15% of the share capital (equivalent to 15 fils per share), amounting to a total dividend of BD 1,116,366 to the shareholders.

Fourth-quarter results

The quarterly net profit attributable to the shareholders was BD 71k, as against BD 68k achieved in the year-ago quarter, an increase of 4.4%. Earnings per share were one fils compared to one fils in the same quarter a year ago.

The total comprehensive income attributable to the shareholders was BD 803k, compared to BD -77k in the year-ago quarter. The increase of 1,143% is due to increases in the value of the quoted and unquoted investment.

Full-year results

The full-year net profit attributable to the shareholders of Trafco was BD 1.45m compared with BD 1.37m in the previous year, an increase of 5.8%. Earnings per share for the year was 19 fils compared with 18 fils in the previous year. The total comprehensive income attributable to the shareholders was BD 1.84m compared to BD 2.65m of the previous year, a decrease of 30.5% due to the valuation of the investment.