Trafco Group profits surge | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Trafco Group profits surge

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Trafco Group yesterday reported a more than 55% jump in its second-quarter profit, which the company attributed to “good gross margin of the parent company and some other subsidiary companies as well as other exceptional income reported due to the acquisition of balance stakes of an associate company.”

Quarterly results

Second quarter net profit jumped 55.10% to BD 339k from BD 219k in the year-ago quarter.

Earnings per share were 5 fils compared to 3 fils in the previous year's quarter. Total comprehensive income related to Trafco Group shareholders was BD 264k compared to BD 285k in the year-ago quarter, a decrease of 7.16 %.

Ebrahim Zainal, Chairman of Trafco Group stated that the increase in the net profit for the second quarter of 2022 was mainly due to the good gross margin of the parent company and some other subsidiary companies as well as other exceptional income reported due to the acquisition of balance stakes of an associate company. This is the first period’s financials, after the full acquisition of Bahrain Livestock Co., that accounts are consolidated.

H1 results

Net profit related to Trafco Group shareholders in H1 rose 33.54% to BD 1,155k from BD 865k a year ago. Earnings per share were 16 fils compared with 12 fils in the same period of the previous year.

Total comprehensive income related to Trafco Group shareholders was BD 1,980k compared to BD 1,632k in the same period of the previous year, with an increase of 21.33%.

Azzam Moutragi, Group CEO of Trafco Group stated that the increase in the net profit for the half year of 2022 was due to the decent operational performance of parent and some of the subsidiary companies. The consolidation of financials due to the acquisition of Bahrain Livestock company had a positive impact of total group assets.