Thu, 02 August 2012
MUSCAT -- The government has appointed PricewaterhouseCoopers to audit the computation of the feed subsidy extended to flour mills producing feed for the livestock and farming industry, Oman Flour Mills revealed here yesterday. According to the joint stock company, which runs the country's largest flour mill, the audit is yet to commence as the consultants await some clarifications on the procedures and methodology for determining the subsidy amount.
OFM's observations came in a disclosure notification to the Capital Marketing Authority announcing the initial unaudited financial results of the company for the year ended June 30, 2012. In declaring the initial unaudited results, the company said it had included the feed subsidy amount for the 18 months period from January 1, 2011 to June 30, 2012, based on their computation and understanding of the methodology to be followed. "The actual amount could vary after the completion of the audit," the company however stated.
Meanwhile, the OFM Group posted a 12.43 increase in net profit for the year ended June 30, 2012, which climbed to RO 7.592 million from RO 5.219 million in 2011. (The previous year's unaudited figures have been reclassified to conform to the changes in presentation in the current year, the company said.)
Total sales of the Group also rose to RO 61.087 million in 2012, from RO 52.334 million a year earlier. Gross profit was higher at RO 12.269 million in 2012, from RO 8.480 million in 2011. Net profit before taxation climbed to RO 8.626 million in 2012, from RO 7.734 million a year earlier. The performance of the parent company and flagship Oman Flour Mills was also positive. Net profit jumped 13.05 per cent to RO 7.533 million in 2012, from RO 5.117 million in 2011. Sales soared to RO 57.710 million this year, from RO 49.662 million a year ago. Gross profit was also higher at RO 10.563 million in 2012, up from RO 7.428 million in 2011.
© Oman Daily Observer 2012
