MUSCAT, APRIL 21
In a disclosure filed with the Muscat Stock Exchange (MSX) on Sunday, Oman Flour Mills Company (OFM), a leading Omani food producer known for its "Dahabi" brand flour and "Barakat" animal feed, has announced a significant step in its growth strategy.
The company plans to transform its wholly-owned subsidiary, Atyab Food Industries Co, from a limited liability company into a closed Omani joint stock company. This strategic shift paves the way for Atyab Food Industries to list its shares on MSX’s third market, with a capital injection of RO 7.5 million.
This initiative aligns with OFM's established track record of innovation and expansion. Founded in 1976, OFM has played a pivotal role in Oman's food security by consistently delivering high-quality flour, bakery and animal feed products.
Atyab Food Industries LLC (AFI), owned 100% by OFM, operates Oman’s largest industrial bakery at Barka with a capacity to produce around hundreds of different types of fresh and frozen bakery products.
Spread over an area of over 60,000 sq metres, the automated industrial bakery has a capacity to produce every hour 24,000 buns, 6,500 packs of sliced bread, 26,000 pieces of Arabic bread, and a wide variety of muffins, croissants, puff pastries, cakes, and other specialty products. In addition, the plant houses fixed production lines that produce specialty buns, baguettes, pizzas, frozen dough, and so on.
AFI posted a revenue increase of RO 465k in 2023, representing a 3% growth. This upward trend was supported by a 0.38% reduction in the Cost of Sales, attributed to lower raw material prices. Consequently, AFI reported a profit (before tax) of RO 304k, as opposed to the previous year's profit of RO 19k, parent company Oman Flour Mills stated in its 2023 Annual Report.
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