UAE’s Ras Al Khaimah Poultry bounces back with profit on lower costs

Ras Al Khaimah Poultry and Feeding Co. reported a net profit of 586,402 dirhams ($159,673) for 2020 after posting a loss of 14,730,946 dirhams in 2019.

It incurred 41.8% lower direct costs to 14,490,120 dirhams, the United Arab Emirates company said in a bourse filing on Sunday (March 7).

The company said it let go workers and employees last year to reduce its cost of production amid a poor sales environment.

Revenue was also down, by 23.79%, to 17,783,909 dirhams.

The company produced far fewer broiler chickens last year, 360,978, from 1,207,467 in 2019.

Table eggs stayed almost flat, at 18,240,295 from 18,492,985 in 2019.

Ras Al Khaimah Poultry said it faced low prices in the market as a result of competition, including from imports, and support provided to the poultry sector in some other emirates.

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