Oman’s Dhofar Poultry posts deeper first-quarter loss as sales drop 5%
Dhofar Poultry posted a net loss of 141,136 Omani rials ($365,864) for the first quarter of 2020 compared to 39,926 rials in the red for the same period in 2019.
The fresh and frozen poultry company said in a bourse filing on Apr 15 that sales dipped by 123,106 rials to 2.38 million rials, a fall of 4.91%.
Cost of sales improved very marginally by 0.19% to 1.993 million rials from 1.996 million rials for the same period in 2019.
However finance costs went up by 17.42% to 106,340 rials.
Dhofar Poultry operates two hatcheries, 24 setters and 48 broiler houses, it says on its website. The company says it currently processes around 3,000 birds per hour with an annualized processing volume of 7.67 million birds. Its hatcheries have a capacity of 7.5 million eggs and its total saleable chicks output is around 9.47 annually.
The company supplies to Oman and the United Arab Emirates.
Dhofar Poultry earned a net income loss of 0.49 million rials in 2019.