Published: Aug 03, 2014
Source: Muscat Daily


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Salalah Mills posts 58% H1 profit surge

Announcing its unaudited financial results on Sunday, Salalah Mills - a leading milling company and distributor of wheat products in Oman and in the international markets - said the group's net profit rose 57.7 per cent for the six-month period ending June 30, 2014, compared with the corresponding period of the previous year. 

Group net profit increased to RO3.80mn in the six months to June 30 this year, from RO2.41mn in the same period of 2013, according to the company's filing with the Muscat Securities Market (MSM).

Sales increased 20 per cent to RO35.45mn from RO29.51mn in the corresponding period of the previous year.

The group posted a 16.8 per cent rise in cost of sales and operating expenses to RO31.64mn in the six-month period under review, from RO27.10mn in the same period of the previous year.

Net profit at the parent company was up 62 per cent to RO3.29mn in the six months ending June 30, 2014, from RO2.02mn in the corresponding period of 2013. Sales for the parent company were up 21 per cent to RO32.41mn in the period under review, from RO26.82mn in the same period of 2013.

For the parent company, cost of sales and operating expenses increased by 17.4 per cent to RO29.12mn from RO24.80mn. 

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