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FOODCO Holding P.J.S.C. registers 26.9 per cent rise in third quarter sales

United Arab Emirates: Wednesday, November 15 - 2006 @ 11:03

“The company continued to drive down internal costs, while still producing excellent sales growth during this period, building on a very successful half year,” said Mr. Ahmed bin Ali Khalfan Al Dhahry, Member of the Board of Directors and Managing Director of the company.
Total sales increased to AED91.16 million during the third quarter, an increase of AED19.3 million or 26.86 per cent above the AED71.86 million registered over the same period last year.

Its total income from trading also increased during this period, up by 18.35 per cent to AED13.16 million, compared with AED11.12 million during the third quarter of 2005.

Net profit ending September 30, 2006 shows an AED5.95 million turnaround on the last third quarter loss of AED5.6 million, a jump of 18.35 per cent to AED350,000.

General and sales expenditures continued to fall during the third quarter, dropping 10.91 per cent from AED21.27 million to AED18.95 million.

Mr. Al Dhahry said other key indicators reflected the company’s focus on expanding into niche segments that had medium to long term potential to be more profitable than basic commodities and this strategy was positioning FOODCO Holding well for the future.

“The final quarter should include the first results from our 100 per cent subsidiary, Sense Gourmet PJSC,” Mr Dhahry added.

Sense Gourmet, handling catering, restaurant franchise and other retail operations in the hospitality sector, is expected to contribute about 36 per cent to FOODCO Holding’s annual turnover when fully operational.

The figures also reflect the impacts of a 30 per cent increase in the number of FOODCO Holding shares from 66,150,000 to 85,995,000 as reported in with the half year results.

Net income from investments declined by AED75.36 million during the period to AED60.23 million from last year’s AED135.59 million.

Earnings per share were set at AED0.63 for the period, down by AED0.85 from AED1.48, while book value stood at AED3.2.

Shareholders’ equity stood at AED272.5 million, AED26.2 million less compared to AED301.4 million registered over the same period last year.

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Wednesday, November 15- 2006 @ 11:03 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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