Oman’s A’Saffa Foods quarterly profit drops on higher expenses

A’Saffa Foods net profit for the three months ending Mar 31 fell by 4.96% to 293,000 Omani rials ($759,530) compared to 308,000 rials for the same period in 2019.

Expenses increased faster than revenues, according to the company’s filing on the Muscat Securities Muscat on Apr 16.

Expenses grew by 3.14% to 7.79 million rials while revenues increased by 2.77% to 8.13 million rials.

A’Saffa is Oman’s biggest fully-integrated poultry producer. It operates poultry farms and processes and distributes related products such as burgers, fillets, nuggets, and franks. It also supplies frozen foods including vegetables, fruits, fruit pulps and processed seafood.

The company is vertically integrated and operates A’Saffa Logistics.

It sells domestically as well as regionally to other Gulf Cooperation Council (GCC) and Middle Eastern markets.

The company is currently expanding its chicken meat production capacity at its Salalah facilities by 100%.

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