Trafco Group Q1 profit rises 26%
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Trafco Group has reported a net profit attributable to the shareholders of Trafco of BD 815k for the first quarter of 2022 as against BD 646k compared to the first quarter of 2021, with an increase of 26%. The diluted earnings per share were 11 fils compared to 9 fils during the same period of previous year.
Q1 total comprehensive income attributable to the shareholders of Trafco Group was 2022 BD 1.72m compared to BD 1.35m during the same period of previous year, with an increase of 27%. Trafco Group chairman Ebrahim Zainal stated that due to the current market situation the performance of subsidiary companies was better, in particular Awal dairy company which was able to maintain the prices against the competitors and drove an increase in its revenues.
From another side, the mother company performance has relatively improved during this period which was reflected in higher revenues and better gross margin compared to last year. Azzam Moutragi, Group CEO has stated that the reason for the increase of the total comprehensive income during this quarter was due to drastic increase in the fair value of investments which also reflected in the assets.
The total shareholders’ equity (excluding minority interests) as of 31st March 2022 was BD 28.15m compared with BD 27.48m as end of last year, with an increase of 2%. The total assets as of 31st March 2022 reached BD 51.20m compared to BD 47.63m as end of last year with an increase of 7%.