Other reported highlights for the year were the establishment of Foodco Bahrain in the first quarter, as a step forward in its expansion plans around the Gulf; and the progress made by new subsidiary Sense Gourmet PJSC in completing its establishment procedures.
Foodco Holding Managing Director, Mr Ahmed Bin Ali Khalfan Al Dhahery, said Sense Gourmet will start its first project this year, with the rollout of the Figaro’s Pizza chain across the Gulf.
While the company’s assets and shareholder equity increased over the year, profit and earnings per share figures fell, reflecting increased investment made to enable the company to expand its operations, and inflationary costs.
Company assets increased by AED 17,626,000 to AED 481,007,000 over the year, while shareholders equity rose by AED 4,683,000 to AED 278,608,000.
The company’s net operating profit fell to AED 68,283,000 from AED 136,890,000 in 2005, while net profit for the period fell to AED 59,802,000 from AED 133,024,000. Earnings per share for 2006 were AED 0.69, compared with AED 2.01 in 2005.
Foodco Holding has a paid up capital of AED 85,995,000 and was established in 1979 as the Abu Dhabi National Foodstuffs Company. It is listed on the Abu Dhabi Stock Exchange.
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