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RAK Poultry Doubled Profit in 2008

by 5m Editor
18 February 2009, at 8:43a.m.

UNITED ARAB EMIRATES - RAK Poultry and Feeding has reported a 113 per cent increase in gross profits for 2008 compared to the previous year.

RAK Poultry and Feeding company yesterday reported a 113 per cent jump in gross profits to 19.66 million dirhams (AED) in 2008, up from AED 9.24 million in 2007, according to Gulf News.

The company in its annual results posted on the Abu Dhabi Exchange, reported AED 83.97 million in sales revenue last year, up from AED 57.89 million in 2007. The company also reported AED 64.3 million cost of sales last year from AED 48.65 million in 2007.

However, its total profits stood at AED 55.36 million, owing to a AED 10 million in income from investments while another AED 40 million was added as income from disposal of investment in hotel.

The profits attributable to shareholders of the parent company rose to AED 54.57 million last year, up from AED 50.93 million in 2007.

Basic earnings per share rose to AED 0.63 last year from AED 0.59 the previous year.

Gulf News reports that the company's total assets have fallen to AED 403.23 million from AED 489.77 million in 2007, and that its total equity declined to AED 364.25 million from AED 455.44 million in 2007.