UAE: Amira Nature Foods sees FY profits jump

Amira Nature Foods has booked a jump in full-year earnings, boosted by growing demand for Basmati rice.

In the year to 31 March, EBITDA rose 30.5% to US$52.2m, up from $40m last year. Net profit rose 61.2% to $19.2m. Meanwhile adjusted profit, which strips out the cost of the firm’s IPO in October, rose 75.8% to $21m, the company revealed.

Full-year sales were up 25.7% to $413.7m. Gains were driven by higher demand for the group’s rice and related products. Karan Chanana, Amira chairman and CEO, also emphasised that the firm had been able to grow its business in India and overseas.

“As we begin fiscal 2014, we believe we are well positioned for continued growth. We believe our business will benefit from expanding relationships with many of our key retail partners and our growing geographic presence,” he said.

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