Bahrain's Trafco Group posts over $3mln net profit

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MANAMA - Trafco Group has reported a net profit of BD339,000 for the second quarter of 2022 as against BD219,000 compared to the second quarter of previous year, with an increase of 55.10 per cent.

The diluted earnings per share for the second quarter of the 2022 were five fils compared to three fils during the second quarter of previous year.

The total comprehensive income related to Trafco Group shareholders for the second quarter of 2022 was BD264,000 compared to BD285,000 of the second quarter of previous year with a decrease of 7.16pc.

Ebrahim Zainal, chairman of Trafco Group, said that the increase in the net profit for the second quarter of 2022 was mainly due to good gross margin of 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, that accounts are consolidated.

For the half year of 2022, the group achieved a net profit related to Trafco Group shareholders of BD1,155,000 compared with BD865,000 in the same period of previous year, with an increase of 33.54pc.

The diluted earnings per share for the half year of 2022 were 16 fils compared with 12 fils in the same period of previous year.

The total comprehensive income related to Trafco Group shareholders for the half year of 2022 of BD1,980,000 compared to BD1,632,000 of the same period of previous year, with an increase of 21.33pc.

The total shareholders’ equity (excluding minority interests) during the half year of 2022 was BD28.46m compared with BD27.48m as end of last year, with an increase of 3.58pc.

The total assets during the half year of 2022 was BD52.65m compared to BD47.63m as end of last year, with an increase of 10.55pc.

Azzam Moutragi, group chief executive, said that the increase in the net profit for the half year of 2022 was due to decent operational performance of parent and some of subsidiary companies.

The consolidation of financials due to acquisition of Bahrain Livestock had a positive impact on total group assets.