The Abu Dhabi National Foodstuff Company (Foodco), announced that the name of the company has been changed to Foodco Holdings PJSC in order to reflect the expanding nature of its operations, especially the three major activities of the company – retail, wholesale and packaging. The Ministry of Economy has already approved the change in name.
The meeting of the board of directors held on March 21, 2006, meanwhile, decided to increase the capital of the company from AED 66.15 million to AED 85.99 million, an increase of AED 19.845 million. Thus the total issued capital of the company currently stands at AED 85.99 million.
Foodco's Managing Director and Member of the Board of Directors, Ahmed bin Ali Khalfan Al Dhahery, said: “The holding company will be the umbrella body for three existing companies: Foodco - Abu Dhabi National Foodstuff Company LLC, Sense Gourmet PSC and Oasis National Foodstuff Company.”
“With this announcement the company has entered a new era, an era that will see Foodco Holdings raise its profile in the region and globally,” Al Dhahery added.
All three entities that are now under Foodco Holdings cater to different operations. Foodco - Abu Dhabi National Foodstuff Company LLC has a large portfolio of high profile premium brands including major household names such as Virginia, Shehrazade, Mubarak Basmati Rice, Quick Tea, F Tissues, Wrap 'n' Roll Aluminium Foil, Master Food and Master Chef range of food products. Foodco also has sole agency rights of major international brands such as Pasta Zara, Orlando Vine Leaves, Languiru Frozen Chicken, Golden Frozen Chicken From Frangasul-Doux, Jelly Joy Juice and Pak Dairy.
The state–of-the-art production facility at Oasis National Foodstuff Company offers quick, reliable and efficient packaging services mainly for free-flowing materials like sugar, salt, rice, jam and ketchup.
On the other hand, Sense Gourmet PSC was set up as a subsidiary of to facilitate Foodco expansion into catering, restaurant franchise and other retail operations in the hospitality sector. The company was formed with a specific purpose of establishing high-potential restaurants across GCC countries in partnership with renowned restaurant operators as well as catering services.
“Our long-term strategy is expansion and the new entity will enable us to move faster in that direction,” Al Dhahery added.
In addition to dealing in a wide range of premium brands, export and distribution of essential commodities like rice, sugar, salt and cooking oil are placed on top of Foodco's portfolio of services. The company is also a volume supplier of frozen poultry, meat and vegetables to Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, Yemen, Iran and Egypt.
For the first quarter of 2006, Foodco announced a 15.1 per cent increase in net profit to AED 38.8 million against AED 33.7 million in the comparable period last year.