The Abu Dhabi National Foodstuff Company (Foodco) announced a 46% increase in net profits in the year ending December 2005 compared with the same period last year. The net profits reached US$ 36 million (AED 133 million) as compared to US$ 20 million (AED 72 million) in 2004.
This was reported at the recently concluded meeting of Foodco’s Board of Directors. The company also reported a remarkable surge in the share price from AED 3.12 in 2004 to AED 4.14 in 2005 as shareholder returns increased by 49% for the year 2005.
“The year gone by has been an excellent year for Foodco with profits and shareholder returns registering double-digit growth,” said Foodco’s Managing Director and Member of the Board of Directors, Ahmed bin Ali Khalfan Al Dhahery.
He noted that net income from investments for Foodco increased to AED 138.4 million in 2005 up by 41% over 2004 while shareholder’s earnings increased by 37% to 273.92 million in the recently ended fiscal year.
“Foodco’s strategic locations in Port Zayed in Abu Dhabi, Al Ain and Dubai give the company the ability to efficiently access both domestic and export markets and we remain positive about the future outlook for our businesses,” he said.
The management and the Board of Directors of Foodco commended the MD and employees of the company and set stiffer targets for 2006.
The company retains a large portfolio of high profile brands including household names such as Virginia, Shehrazade, Mubarak Basmati Rice, Hafeet Spring Water, Quick Tea, F Tissues, Wrap ‘n’ Roll Aluminium Foil, Master Food and Master Chef range of food products. Foodco also has sole agency rights of major international brands such as Pasta Zara, Orlando Vine Leaves, Languiru Frozen Chicken, Golden Frozen Chicken From Frangasul-Doux, 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 headquartered in Abu Dhabi with branches in Dubai and Al Ain.