Delmon Poultry announces its financial results for the nine-month period ending September 30, 2024

The Board of Directors of Delmon Poultry Company (trading symbol POLTRY) approved the reviewed condensed interim financial statements for the nine-month period ending September 30, 2024, and the results of the third quarter of 2024 at its meeting held on November 12, 2024.

During the third quarter of 2024, the company recorded a net profit of BD 250,792, compared to a net loss of BD 40,976 for the same period in 2023, reflecting a strong financial performance and a remarkable turnaround. The basic earnings per share amounted to 8.20 fils profit compared to 1.34 fils loss for the same period in 2023.

Total comprehensive income during the third quarter of this year witnessed a profit of BD 249,567 compared to a loss of BD 90,031 for the same period in 2023.

It is worth noting that sales revenues witnessed an increase of 5.76%; reaching BD 4,972,824 in the third quarter of this year compared to BD 4,701,890 for the same period in 2023, reflecting the success of the company's strategies in enhancing revenue growth.

The cost of sales during the third quarter of this year also amounted to BD 4,410,508 compared to BD 4,573,011 for the same period in 2023, a decrease of 3.55%.

Total operating expenses amounted to BD 385,502 compared to BD 205,982 for the same period in 2023, an increase of 87.15%.

While operating operations recorded a net profit of BD 214,388 compared to a net loss of BD 72,446 for the same period in 2023.

Investment income also decreased during the third quarter by 0.12% to reach BD 66,204 compared to BD 66,283 for the same period in 2023.

As for the nine-month period ending September 30, 2024, the company's net profit amounted to BD 948,121, which represents a significant jump compared to a net profit of BD 76,850 for the same period last year.
The basic earnings per share recorded a profit of 30.99 fils for the current year compared to a profit of 2.51 fils for the same period last year.

The comprehensive income for the nine-month period ending September 30, 2024 amounted to a profit of 924,809 Bahraini Dinars compared to a profit of 104 Bahraini Dinars last year.

Sales revenues also increased by 16.24% in the nine-month period ending September 30, 2024 to reach 16,134,288 Bahraini Dinars compared to 13,880,118 Bahraini Dinars for the same period in 2023.

It is worth noting that the cost of sales during the nine-month period ending September 30, 2024 amounted to BD 14,428,106 compared to BD 13,419,968 for the same period in 2023, an increase of 7.51%.

Total operating expenses increased during the nine-month period ending September 30, 2024 by 62.85% to reach BD 953,498 compared to BD 585,507 for the same period last year.

While operating operations recorded a net profit of BD 814,267 compared to a net loss of BD 50,285 for the same period in 2023.

Investment income also increased during the same period in 2024 by 3.29% to reach BD 224,081 compared to BD 216,945 for the same period in 2023.

Total shareholders’ equity on September 30 of the current year also amounted to BD 15,004,047 compared to BD 14,324,001 as of December 31, 2023, an increase of 4.75%.
Total assets on September 30 of the current year also amounted to BD 18,814,314 compared to BD 16,751,531 as of December 31, 2023, an increase of 12.31%.
In this context, Mr. Abdul Hussain Diwani, Chairman of the Board of Directors, said that these outstanding results represent an important turning point in the company's journey, and embody the success of the development plans set by the Board, and followed up by the Executive Management and all employees of the company, to achieve growth and sustainability in returns for shareholders. He added that the company continues to advance in the footsteps of the late Chairman of the Board, the late Mr. Abdul Rahman Jamsheer, looking forward to achieving more achievements.
The CEO of the company, Mr. Abdul Hadi Mirza, stated that the improvements we have made in production operations have yielded tangible results, and we will work to continue this positive trend by developing production sites, in a way that meets the aspirations of the company and its shareholders.
You can also view the press release and the comprehensive interim financial information on the Bahrain Bourse website and the company's website.

Source: www.albiladpress.com