Oman's Dhofar Poultry posts improved first-quarter earnings

Oman's oldest poultry company posted a 101.36% improvement in net profit for the first-quarter of the year compared to the same three months in 2020.

Dhofar Poultry Company on Sunday (April 11) reported a net profit of 1,919 Omani rials ($4,984) for the three months through March compared to a loss of 141,136 rials in 2020. 

Revenue was actually down by 2.4% to 2.33 million rials but the company brought down cost of sales by 10.38%  to 1.79 million rials and general and adminstrative expenses by 13.99% to 191,403 rials. 

The company that sells fresh and frozen chickens said in December it aims to make at least 12 mln rials in revenue with an increase in production from nearly 8,000 tonnes in 2019 to 10,000 tonnes this year.

The company said that growth will be driven by diversified product offerings and aggressive marketing-led strategy.

It reported a 4.19% drop in 2020 revenues to 9.056 million Omani rials ($23.56 mln).

© SalaamGateway.com 2021 All Rights Reserved