Established in 1976, Oman Flour Mills Company (OFM) is one of the MSM's top blue-chip stocks. It was the only wheat miller in the sultanate since it was founded until the end of 1997 when Salalah Flour Mills Company (SFM) started production.

OFM is 60 per cent government-owned and employs some 180 staff. After a difficult 1995/96, the group's performance improved in 1996/97 as sales costs were cut and gross margins improved. OFM's subsidiary, the egg producer Modern Poultry Farms, also contributed to the bottom line as it tripled net profits to RO 274,212 ($710,000) and paid its first dividend.

In 1997/98, net profits surged 86 per cent to RO 6.3 million ($16.4 million) on higher turnover. The company exported more than 50 per cent of its produce during the year. The financial year 1998/99 is proving more challenging.

Net profits in the first nine months declined by 43 per cent to RO 3.4 million ($8.8 million) on turnover of just RO 6 million ($15.6 million). The company says that local demand has not increased as much as expected, and that it is facing competition from SFM and cheap imports from the UAE.

Demand from the CIS - OFM's major export market - has slumped, and the company says it is exploring new export markets.OFM's plant has a milling capacity of 800 tonnes a day (t/d) of flour and 600 t/d of animal feed.

Its silos have a storage capacity of 125,000 tonnes and its unloading terminal at Port Sultan Qaboos has a discharge rate of 8,000 t/d. The company has commissioned a feasibility study into expanding its milling capacity by some 500 t/d.

Individuals	N/A
Institutions	N/A
Floating	N/A
Government	60%

Director	Abdulla Bin Ali Bakather
Director	Abdulla Bin Ali Zaher Al Hinai
Director	Abdulla bin Moosa Abdul Rahman
Vice Chairman	Ali Bin Mohamed Redha Jaffer
Chairman	Hamed Bin Hamood Al Ghafri
Director	Manal Bint Mohamed Al abdawani
Director	Mohamed Bin Ali Said
Chairman	Rashid Bin Salim Al Masroori
Director	Soud Bin Nasser Al Sheikaly

	2002	2001	2000
Total Assets	39,002	39,732	38,068
Shareholder's Equity	32,108	32,214	33,185
NIAT	1,504	1,426	590
Dividends	N/A	N/A	N/A

	2002	2001	2000
Assets Growth	-1.84%	4.37%	-11.91%
Earning Growth	5.47%	141.69%	-78.28%
ROaA	3.82%	3.67%	1.45%
ROaE	4.68%	4.36%	1.75%
No. Of Shares	15,750,000	15,750,000	15,750,000
EPS	0.10	0.09	0.04
EPS Growth	5.47%	141.69%	-78.28%
Payout Ratio	N/A	N/A	N/A

	Trailing
PE
PB
DVPS
Div Yield
EV
EV/Equity

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