Abu Dhabi – Mubasher: Ras Al Khaimah Poultry and Feeding Company (RAPCO) on Tuesday reported a decline in its profits for both the fourth quarter of 2016 and the full-year 2016.
The company posted AED 3.41 million ($928,250) in profits for Q4-16, registering a sharp drop of 65.7% from AED 9.94 million ($2.71 million) in the same period in 2015, according to a filing to the Abu Dhabi Securities Exchange (ADX).
Meanwhile, annual net profits stood at AED 12.53 million in 2016, down 44.2% compared to AED 22.45 million achieved in 2015.
RAPCO attributed the decline in profits to lower operating profits by 47.8% to AED 4.23 million for the full-year 2016 compared to AED 8.1 million in the previous year, according to the statement.
The poultry company had last reported a profit of AED 9.12 million in the first nine months of 2016, compared to AED 12.51 million in the corresponding period of 2015, registering a drop by 27.1%.
