On the back of strong growth in production and sales activities, the first-half net profit for 2012 at A'Saffa Foods rose by 19.6 per cent, according to the company's announcement to the Muscat Securities Market (MSM) on Monday.
The company achieved a net profit of RO2.2mn in the first six months of this year compared to RO1.84mn in the corresponding period of the previous year, as total sales rose by 14.3 per cent in the first half of 2012 to RO11.8mn compared to RO10.3mn in the same period of last year.
Dr Nasser al Mauly, chief executive officer of A'Saffa Foods, told Muscat Daily that stronger sales realisation contributed to growth in net profit for the first six months.
He said, "Sales have been good in the local as well as export markets. With improved efficiency and reduced expenses the company further improved its operating performance in the first half."
A'Saffa had also floated a subsidiary company last year to set up a meat processing plant with 100 per cent ownership. Mauly said that the construction of the plant is ongoing and it is likely to be operational by the end of December this year.
Total assets of the company increased by 16.2 per cent to RO32.2mn from RO27.7mn a year ago.
© Muscat Daily 2012
