Foodco announces Q1 net profits up by 181%

The net profits reached AED 33.7 million for the quarter.

Foodco also reported a remarkable surge of 132% in dividends and a 16% growth in profits through trade for the same quarter.

"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," he said.

He added "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."

"At a time when Foodco undergoes the most accelerated growth phase in its history, we are proud of our past accomplishments, and confident about the future," said Mr. Al Dhahery. "The management and the Board of Directors of Foodco strongly believe that this firm foundation positions us to move Foodco forward in the quest for larger opportunities in the future and we thank our patron His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE for his vision and support."

Foodco diligently monitors its operations and has a proven track record of financial acumen. The company's investment reserves evaluation too has gone up for Q1 2005 by 103% to reach 28.52 million.

Prominent among Foodco's portfolio of brands include Virginia, Shehrazade, Mubarak Basmati Rice, Hafeet Spring Water, Quick Tea, Karkade Cordial Drink, F Tissues, Al Safwa Powder Milk, Danchi Chicken, Master Food and Master Chef range of food products.

Foodco also has sole agency rights of major international brands such as Pasta Zara, Taj Mahal Saffron, Jelly Joy Juice and Pak Dairy.

In addition to dealing in a wide range of premium brands, export and distribution of essential commodities like rice, sugar, salt and cooking oil are placed on top of Foodco's portfolio of services. The company is also a volume supplier of frozen poultry, meat and vegetables to Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, Yemen, Iran and Egypt.

The FMCG company recently made a foray into associated businesses like packaging and providing a range of solutions to the foodstuff industry.

Foodco is a public shareholding entity that operates under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE. The company is head quartered in Abu Dhabi with branches in Dubai and Al Ain.