Oman Flour Mills profits exceed RO 12m

01/06/2017 04:22 AST

Oman Flour Mills Co posted a net profit of RO 12.145 million for the nine months ended March 31, 2017, as against last year's profit of RO 8.921 million for the same period.

According to Shaikh Salah bin Hilal al Ma'awali, the chairman of the company, the increase in profit is attributable to enhanced sales and a fall in the prices of raw materials and grains. On the other hand, the excellent performance of Oman Flour Mills Group, including all its subsidiaries, during the period is due to successful strategies pursued by the group aimed at reducing production costs and also due to effective purchasing policies that resulted in sourcing grains at the best prices from the world market. The group achieved a net profit of RO 10.551 million during the nine-month period as against a profit of RO 7.408 million for the same period last year.

Oman Flour Mills Co sales rose 5.9 per cent in the current quarter compared with the same period last year.

Its subsidiary Modern Poultry Farms Co achieved a net profit of RO 450,000 compared to a net profit of RO 448,000 during the same period last year. During the period the company's production capacity increased 21 per cent compared with the same period last year.

Sohar Poultry Co's net profit stood at RO 313,000 as against a profit of RO 323,000 in the same period last year, while sales at Atyab Bakery increased 10 per cent to RO 9.8 Million, compared to sales for the same period of last year. Atyab Bakery's profit rose to RO 1.54 Million, from RO 1.13 Million in the same period last year.

Atyab Food Technology Co. achieved a net profit of RO 203,000 as against RO 100,000 in the same period last year, while Atyab Technical Services registered a profit of RO 121,000 as against a profit of RO 79,000 last year.

Shaikh Ma'awali said that the Sohar Mills is under construction and is expected to start commercial production by the end of the second quarter of 2018.

Oman Daily Observer