Highly Successful Year of Operations As Company Develops Into Oman's Fastest Growing Food Manufacturing Company
Muscat, 9th April, 2012: A'Saffa Foods, one of Oman's fastest growing and most successful home-based food manufacturers, is celebrating an excellent performance in 2011 following the announcement at their Annual General Meeting of increases in sales by 14.07% when compared with 2010 as well as net profits growing by 22.8%.
The results were announced by A'Saffa Foods Chairman, Eng Saleh Mohammed Al Shanfari, who said they were the result of an excellent team unit from all of the company's expanding business units with staff working hard to achieve the goals they were set to maximise shareholder returns.
Total net sales for 2011 reached RO 21.328 million and means that sales have more than doubled - increasing by 130 per cent over the past five years. Net profit for the year 2011 was up by 22.8 per cent increasing to a level of RO 3,855,349.
Speaking at the company's 10th Annual General Meeting Eng Saleh Mohammed Al Shanfari, Chairman of A'Saffa Foods explained that 2011 was a challenging year for businesses and the food industry being hit by a significant rise in feed prices.
He said: "Despite the spike in commodity prices that we saw in 2011, A'Saffa Foods did not increase its product prices - although most other players in the market did increase the prices of their products in both 2010 and 2011.
"A'Saffa Foods made the decision not to pass on the additional cost burden to our customers but focused our energies on both improving production efficiencies and increasing the range of our product lines to consumers across the Sultanate. This policy has enabled us to continue to grow our market share and ensure we are able to develop our strategy to become a highly diversified food manufacturing company here in Oman."
The Chairman told shareholders at the AGM that even with the challenges the company and the wider economy faced in 2011, A'Saffa Foods was able to achieve very strong financial results with significant increases in net profits, gross profits and net sales.
Looking ahead to the coming financial year, Eng Saleh Mohammed Al Shanfari added: "We believe the economy of Oman is set for continued expansion in 2012 and apart from the investments in Duqm there are major projects in progress including a proposed rail network and new air and sea ports. It is clear that increased public sector hiring will help to generate more business for the private sector and we are confident that the food and retail sector will be first beneficiary this year."
The company was also presented with two awards in 2010, one from the Oman Daily Observer who awarded A'Saffa Foods with first place in the Best Brands category in the chicken meat category and third position among Oman's greatest 180 brands as well as being receiving the "AIWA Award 2011" in the mid cap category in the new awards instigated by Alam Aliktissad wal Aamal.
A'Saffa Foods is also making a major impact in helping to enhance food security as its manufacturing base grows and develops from its core fresh and frozen chicken production and product range into the Khayrat Brand that has introduced new processed meat, fish and vegetables into the market and has also introduced frozen fruit & Fruit pulp products onto the Omani supermarket shelves.
As a proud Omani company, A'Saffa is also actively engaged in growing its export market with strong exports of its frozen chicken products to markets such as the UAE, Qatar, Bahrain, Kuwait and Yemen proving highly successful with customers in these markets who are keen to purchase locally sourced 100 per cent halal products raised with 100% Natural Feed.
For further information, please contact:
Kevin Hasler/Ahmed Al Waily
ZEENAH PR
Tel: 00 968 24 698 010
© Press Release 2012
