Total capital expenditure of the expansion will be RO45mn and the expansion project will be implemented in two phases; each phase will be 50 per cent, according to a press release issued by A’Saffa Foods.
A’Saffa Foods held its annual general meeting (AGM) for the year 2017 on Thursday. The company acknowledged the contribution of its staff who worked hard to achieve goals that were set to maximise shareholder returns in 2017.
The company’s financial results were announced by the chairman Sheikh Rashid Saif Mohammed al Saadi. The chairman dedicated the financial results to the hard-work and dedication of the organisation’s employees across the company’s ever-expanding business units.
Total net sales for 2017 reached over RO31.94mn.
Speaking at the AGM, A’Saffa Foods’ CEO, Dr Nasser Zahir al Maawali said, “At A’Saffa Foods, we understand that the focus on operational excellence is vital for the future success of the company – just as the creation of long term value for all the stakeholders while ensuring sustainability in operations is also key. In keeping with this, the company continues to focus on dynamic markets and is committed to improving previous performance records.”
Saadi emphasised that in 2017 the company was able to achieve strong financial results. He said, “The year 2017 has been an exceptional year for our company with strong performance across all dimensions. It has been made all the more memorable with the organisation crossing the RO31mn mark in revenue at the end of the financial year. This has been made possible by the sustained performance of our employees, the executive management and the higher management.”