FOODCO Holding P.J.S.C. registers 39.8 per cent rise in 1H sales

Total profits ending June 2006 reached AED9.5 million, up by 35.7% against AED7 million posted during the same period in 2005.

"The streamlining of our operations, coupled with implementation of new strategies helped FOODCO to enjoy robust sales. We have introduced new brands for the UAE customers such as Chef Chtoura Ready Meals and others to beef up our portfolio and provide a more diversified line up for our valued patrons," said Mr. Ahmed bin Ali Khalfan Al Dhahery, Member of the Board of Directors and Managing Director of the company.

He notes that the company's improved customer service also contributed to the positive growth of FOODCO. Mr. Al Dhahery stressed that the results of intensified operations management reflected the increase in sales.

General and sales expenditures for the period registered a substantial decrease by 9.18%.

The company reported net profit for the first half rose by 51.85%

Net income from investments declined by AED40.4 million to AED53.5 million from last year's AED93.9 million.

Earnings per share is placed at AED0.58 from AED1.07, down by AED0.49 while book value stands at AED3.1.

Shareholders' equity stood at AED266.3 million, AED35.1million less compared to AED301.4 million registered over the same period last year.

The company also mentioned that capital was increased to 85,995,000 shares from 66,150,000 shares, 30% more than the previous year.

"We want our shareholders to know that by October, Sense Gourmet P.J.S.C. will commence operations and this will also add to our coffers," Mr. Dhahery added. Sense Gourmet, a subsidiary of FOODCO handling catering, restaurant franchise and other retail operations in the hospitality sector, is expected to contribute about 36% to FOODCO's annual turnover.