Foodco Q1 net jumps 181%

Food commodities trading helped propel the Abu Dhabi-based company forward in the first quarter of the year.

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By  Robbie Greenfield Published  April 25, 2005

The Abu Dhabi National Foodstuff Company (Foodco) reported net profit of AED 33.7 million for the quarter ending on March 31, a 181% increase year on year. Foodco’s portfolio of brands includes names such as Mubarak Basmati Rice, Hafeet Spring Water and Al Safwa Powder Milk. The company also has local agency rights for a number of international brands, including Pasta Zara, Taj Mahal Saffron and Jelly Joy Juice. “Foodco has grown substantially to report excellent profits and shareholder returns during the first fiscal quarter of 2005,” said Foodco’s managing director and member of the board of directors, Ahmed bin Ali Khalfan Al Dhahery. “Our strong financial results have been achieved due to all round growth from primary business units and the most significant improvement came from trading.” As well as distributing brand name products, Foodco also trades in rice, sugar, salt and cooking oil, as well as supplying frozen foodstuffs to various Arab countries. The company has also recently moved into related businesses such as packaging. “Foodco’s strategic locations in Port Zayed in Abu Dhabi, Al Ain and Dubai give us the ability to efficiently access both domestic and export markets and we remain positive about the future outlook for our businesses,” said Al Dhahery

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