12 February 2013
MUSCAT -- Atyab Bakery, a subsidiary of Oman Flour Mills Company, plans to expand its product range, as well as tap the lucrative UAE market.
The subsidiary, which runs the Sultanate's first industrial-scale bakery, incurred a loss of RO 827K in the first six months of the financial year ending December 31, 2012. According to Manal Mohammed al Abdwani, Chairperson of the Board of Directors of Oman Flour Mills Group, the main challenge for Atyab Bakery was one of distribution of its bakery products - an issue that is currently addressed by the management.
"Sales are improving with each month with new clients being added. Quality of our bakery products is as per international standards, and the bakery has also obtained HACCP accreditation. We plan to launch a variety of products soon and enter the UAE market. We are confident that the losses will reduce in the coming months, as we expect the sales to increase and reduce the food cost," the Chairperson stated in the Board of Directors' report on the Group's financial performance for the six months ending December 31, 2012.Oman Flour Mills (OFM) Company meanwhile posted a 11 per cent rise in sales volumes during the period under review. Both flour and feed sales were higher than figures for the corresponding period of 2011. The Group's net profit after tax for the six months amounted to RO 2.949 million as compared to RO 1.168 million in the previous year.
The flagship Oman Flour Mills made a net profit before tax of RO 3.729 million as compared to RO 1.339 million in the previous year. The increase in profit in the current year was attributed to the inclusion of feed subsidy, which wasn't the case in the previous year, the report said. "In these financial statements, we have accounted the subsidy amount based on the methodology received from the independent auditors appointed by the Ministry. We have received part payment of the feed subsidiary claimed for the period ending June 30, 2012. We believe the balance will be received once the methodology is finalised by the Ministry," the Chairperson stated.
Another subsidiary, Modern Poultry Farms (MPF), made a profit before tax of RO 326K for the six months in question, against a profit of RO 181K during the previous year. "MPF's performance is showing positive signs with production increasing and there is a fall in mortality. We expect more improvement in the coming months," the Chairperson said.
MUSCAT -- Atyab Bakery, a subsidiary of Oman Flour Mills Company, plans to expand its product range, as well as tap the lucrative UAE market.
The subsidiary, which runs the Sultanate's first industrial-scale bakery, incurred a loss of RO 827K in the first six months of the financial year ending December 31, 2012. According to Manal Mohammed al Abdwani, Chairperson of the Board of Directors of Oman Flour Mills Group, the main challenge for Atyab Bakery was one of distribution of its bakery products - an issue that is currently addressed by the management.
"Sales are improving with each month with new clients being added. Quality of our bakery products is as per international standards, and the bakery has also obtained HACCP accreditation. We plan to launch a variety of products soon and enter the UAE market. We are confident that the losses will reduce in the coming months, as we expect the sales to increase and reduce the food cost," the Chairperson stated in the Board of Directors' report on the Group's financial performance for the six months ending December 31, 2012.Oman Flour Mills (OFM) Company meanwhile posted a 11 per cent rise in sales volumes during the period under review. Both flour and feed sales were higher than figures for the corresponding period of 2011. The Group's net profit after tax for the six months amounted to RO 2.949 million as compared to RO 1.168 million in the previous year.
The flagship Oman Flour Mills made a net profit before tax of RO 3.729 million as compared to RO 1.339 million in the previous year. The increase in profit in the current year was attributed to the inclusion of feed subsidy, which wasn't the case in the previous year, the report said. "In these financial statements, we have accounted the subsidy amount based on the methodology received from the independent auditors appointed by the Ministry. We have received part payment of the feed subsidiary claimed for the period ending June 30, 2012. We believe the balance will be received once the methodology is finalised by the Ministry," the Chairperson stated.
Another subsidiary, Modern Poultry Farms (MPF), made a profit before tax of RO 326K for the six months in question, against a profit of RO 181K during the previous year. "MPF's performance is showing positive signs with production increasing and there is a fall in mortality. We expect more improvement in the coming months," the Chairperson said.
© Oman Daily Observer 2013
