The Abu Dhabi-based food group Abu Dhabi National Foodstuff Company (Foodco ) has reported a 15.1% rise in net profit for the first quarter of 2006 to AED38.8m, from AED33.7m in the first quarter of last year.
 
Earnings per share rose by 15.4% to AED0.45, on sales 49% higher at AED31.5m.
 
“These remarkable figures clearly underline the sound fundamentals of our company as we grow from strength to strength by acquiring new businesses and expanding existing operations,” said Foodco’s managing director Ahmed bin Ali Khalfan Al Dhahery. “The first quarter is a strong indication of the direction the company will take for the rest of the year.”
 
The company also reported that net income from investments had risen from AED35.8m to AED39.07m in the first quarter.
 
FoodCo recently announced plans to expand into Gulf Cooperation Council (GCC ) countries and to this end has opened an operation in Bahrain. “We are clearly looking to increase our reach into a wider business arena and this is part of our long-term strategy,” Al Dhahery said.