Credit crunch? What credit crunch? Masafi profits up 36% as the UAE company flies high
It would appear that there’s money in water. The UAE's first mineral water company, Masafi, has posted a 36 percent increase in its net profit for 2008, compared to the previous year.
Masafi also registered net revenue of Dhs378 million during the year, recording a growth of 35 percent over 2007. Ashraf Abushady, CEO of Masafi, said: “Masafi has seen tremendous growth in 2008 amidst this challenging time for all businesses. In spite of the credit crunch, we continued undeterred on our growth strategy by diversifying our offerings, thus fulfilling our goal of becoming a total food and beverage company.”
One of Masafi’s significant achievements during the year was the ‘Environmental Contribution of the Year’ recognition at second Annual Middle East Business Achievement Awards in November. Masafi adopted the Carbon Action Plan in 2008 to measure and reduce the carbon emissions and move towards a carbon negative environment.
The first mineral water company in the UAE, Masafi is also the first and currently only mineral water company to have an in-house recycling facility. 2008 also saw Masafi’s entry into gourmet food business with Masafi Gourmet Potato Chips – a step towards the company’s objective to provide a premium comprehensive food and beverage portfolio.