
The Omani-European Food Industries company has revealed its annual report for the fiscal year ending on December 31, 2023, on the Muscat Stock Exchange.
The company confirmed that it generated revenues amounting to OMR 1,946,000, compared to the previous year’s return of OMR 2,195,000, reflecting an 11% decrease in sales. The operational losses for the company in 2023 amounted to OMR 73,000, a decrease from OMR 104,000 in 2022. The net losses for the current year reached OMR 205,000, compared to a net loss of OMR 283,000 in 2022.
The company highlighted the negative capital erosion, reaching OMR 1,521,000 by the end of 2023. This is the reason why the future outlook will be discussed at the upcoming extraordinary general meeting.
These financial challenges necessitate immediate actions to improve financial performance and enhance the sustainability of the company amidst economic fluctuations and transformations in the food industries market.