Trafco Group BscBAHRAIN: TRAFCO

2025 Financial Statements – 3rd Quarter (English)

Nov 10, 2025 at 11:26 AM UTC · Issued by Trafco Group Bsc

Trafco Group B.S.C.

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

30 SEPTEMBER 2025 (REVIEWED) REPORT ON THE REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF TRAFCO GROUP B.S.C.

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of Trafco Group B.S.C. ("the Company") and its subsidiaries (together "the Group") as at 30 September 2025, comprising of interim consolidated statement of financial position as at 30 September 2025 and the related interim consolidated statement of profit or loss and other comprehensive income for the three and nine-month periods then ended and the related interim consolidated statements of cash flows and changes in equity for the nine-month period then ended and explanatory notes. The Group's Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Accounting Standard 34 ('IAS 34') "Interim Financial Reporting". Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Partner's Registration No. 212

10 November 2025

Manama, Kingdom of Bahrain

Trafco Group B.S.C.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

For the period ended 30 September 2025 (Reviewed)

Nine-month period ended
30 September
2025	2024
BD	BD

OPERATING ACTIVITIES

Profit of the Group for the period

Adjustments for:

Investment income

Depreciation on property, plant and equipment

Depreciation on right-of-use assets

Gain on termination of lease

Other finance costs

Finance costs on lease liabilities

Provision for employees' end of service benefits

(Reversal) Provision for slow moving and obsolete of inventories

Allowance for expected credit losses

Amortization of Government grant

Gain on disposal of property, plant and equipment

Operating profit before changes in working capital

1,559,611 2,423,320

(1,302,221)	(1,207,627)
795,075	727,377
324,457	318,599
-	(205)
358,747	305,991
147,287	153,260
213,541	185,514
(7,276)	56,136
104,803	156,946
(8,679)	(3,667)
-	(4,047)
2,185,345	3,111,597

Working capital changes:

Inventories

Right of return assets

Trade and other receivables

Trade and other payables

Retention payable

Contract and refund liabilities

Net cash generated from operations

Directors' remuneration paid

Employees' end of service benefits paid

Net cash flows generated from operating activities

1,633,888	(1,834,373)
(582)	(454)
82,052	(1,155,541)
827,588	11,573
(123,045)	137,140
14,021	151,894
4,619,267	421,836
(119,925)	(119,925)
(229,363)	(148,211)
4,269,979	153,700

FINANCING ACTIVITIES

Dividends paid

Term loans availed

Repayment of term loan

Import loans availed

Repayment of import loan

Finance costs paid on loans

Payment of principal portion of lease liabilities

Finance costs paid on lease liabilities

Net cash flows used in financing activities

(1,335,413)	(1,261,223)
1,410,000	1,000,000
(1,321,977)	(723,504)
6,709,549	10,209,258
(7,357,543)	(9,610,324)
(364,585)	(297,422)
(313,368)	(298,550)
(147,287)	(153,260)
(2,720,624)	(1,135,025)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Foreign currency translation adjustments - net

Cash and cash equivalents at 1 January

1,555,046 (1,876,618)

10,008 34,979

610,861 5,038,110

INVESTING ACTIVITIES

Additions to property, plant and equipment

Proceeds from disposals of property, plant and equipment

Proceeds from disposals of investment at fair value through other

comprehensive income

Additions to investment at fair value through other comprehensive income

Dividends and interest received

Net cash flows generated from (used in) investing activities

(1,336,086)

(2,268,789)

4,052

39,556	357,998
-	(196,181)
1,302,221	1,207,627
5,691	(895,293)

CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER (A) 2,175,915 3,196,471

Trafco Group B.S.C.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

For the period ended 30 September 2025 (Reviewed)

(A)	Cash and cash equivalents comprise of following amounts:

Nine-month period ended
30 September
2025	2024
BD	BD

Cash, bank balances and short-term deposits

Less: Bank overdrafts

3,333,826

(137,355)

2,963,842 (787,927) 2,175,915 3,196,471

Trafco Group B.S.C.

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the period ended 30 September 2025 (Reviewed)

Attributable to shareholders of Trafco Group B.S.C.
Reserves
						Foreign	Retained	Retained			Total
Share	Treasury	Share	Statutory	General	Fair value	currency	earnings -	earnings non-	Proposed	Total	Trafco's
capital	shares	premium	reserve	reserve	reserves	reserves	distributable	distributable	appropriations	reserves	shareholders
BD	BD	BD	BD	BD	BD	BD	BD	BD	BD	BD	BD

Non-

controlling

interests

Total

equity

Balance at 1 January 2025	8,067,505
Profit for the period	-
Other comprehensive income for the period	-

(1,706,644)

3,386,502

4,033,753

1,665,000

6,815,322

264,844

(47,083)

5,103

5,142,474

1,149,926

496,736

1,385,413

19,491,615

1,149,926

269,947

29,238,978

1,149,926

269,947

5,777,254

409,685

18,419

35,016,232

1,559,611

288,366

1,847,977

(1,335,413)

Total comprehensive income for the period	-
Dividend paid (note 10)	-
Transfer to general reserve	-
Gain on disposal of investment at fair value
through other comprehensive income	-

50,000

264,844

5,103

1,149,926

1,419,873

(1,335,413)

1,419,873

(1,335,413)

428,104

-(1,335,413)

(50,000)

- - - - (1,543) - 1,543 - - - - -

Balance at 30 September 2025

8,067,505

(1,706,644) 3,386,502 4,033,753 1,715,000 7,078,623 (41,980) 6,293,943 496,736 - 19,576,075 29,323,438 6,205,358 35,528,796

Attributable to shareholders of Trafco Group B.S.C.
Reserves
						Foreign	Retained	Retained			Total
Share	Treasury	Share	Statutory	General	Fair value	currency	earnings -	earnings non-	Proposed	Total	Trafco's
capital	shares	premium	reserve	reserve	reserves	reserves	distributable	distributable	appropriations	reserves	shareholders
BD	BD	BD	BD	BD	BD	BD	BD	BD	BD	BD	BD

Non-

controlling

interests

Total

equity

Balance at 1 January 2024	8,067,505
Profit for the period	-
Other comprehensive income (loss) for the period	-

(1,706,644)

3,386,502

4,033,753

1,615,000

8,483,180

(499)

(49,259)

17,839

4,597,974

1,824,401

496,736

1,311,223

20,488,607

1,824,401

17,340

30,235,970

1,824,401

17,340

5,403,645

598,919

11,919

35,639,615

2,423,320

29,259

Total comprehensive income (loss) for the period	-
Dividend paid (note 10)	-
Transfer to general reserve	-
Gain on disposal of investment at fair value
through other comprehensive income	-

50,000

(499)

17,839

1,824,401

1,841,741

(1,261,223)

1,841,741

(1,261,223)

610,838

2,452,579

(1,261,223)

-(1,261,223)

Balance at 30 September 2024

8,067,505

(102,580)

102,580

(50,000)

(1,706,644)

3,386,502

4,033,753

1,665,000

8,380,101

(31,420)

6,524,955

496,736

21,069,125

30,816,488

6,014,483

36,830,971

The attached notes 1 to 13 form part of these interim condensed consolidated financial statements.

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

At 30 September 2025 (Reviewed)

1	CORPORATE INFORMATION

Trafco Group B.S.C. ('the Company' or 'Trafco') is a public joint stock company, the shares of which are listed and publicly traded on Bahrain Bourse. The Company was incorporated in the Kingdom of Bahrain by Amiri Decree No. 10 of November 1977. The Company operates in accordance with the provisions of the Bahrain Commercial Companies Law under commercial registration (CR) number 8500 issued by the Ministry of Industry and Commerce on 9 April 1978. The Company's registered office is situated at Building 117, Road 42, Block 343, Mina Salman Industrial Area, Kingdom of Bahrain. The Company's principal activity is trading in food products.

The Group comprises of the Company and its subsidiaries. The details of Company's subsidiaries and an associate are disclosed in the Group's annual consolidated financial statements for the year ended 31 December 2024.

The interim condensed consolidated financial statements were authorised for issue by the Board of Directors on 10 November 2025.

2	MATERIAL ACCOUNTING POLICIES

Basis of preparation

The interim condensed consolidated financial statements for the nine-month period ended 30 September 2025 have been prepared in accordance with International Accounting Standard (IAS 34)

"Interim Financial Reporting".

The interim condensed consolidated financial statements do not contain all information and disclosures required for full consolidated financial statements prepared in accordance with International Financial Reporting Standards, and should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 December 2024. The Group has prepared the interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. In addition, results for the nine-month period ended 30 September 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.

New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024, except for the new and amended standards effective as of 1 January 2025. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

The following amendment applies for the first time in 2025, but do not have an impact on the interim

condensed consolidated financial statements of the Group.

Amendments to IAS 21 - Lack of exchangeability: In August 2023, the IASB issued these amendments to IAS 21 to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position

and cash flows.

3	SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The significant accounting judgements and estimates used in the preparation of the interim condensed consolidated financial statements are consistent with those used in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024.

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

4	REVENUE FROM CONTRACTS WITH CUSTOMERS

3,911,205

5,940,929

6,090,799

356,389

334,821

194,533

149,408

The following table presents the disaggregation of the Group's revenue for the three-month period ended 30 September 2025 and 30 September 2024:

Wholesale operations
2025	2024
BD	BD

Dairy products and
beverages
2025	2024
BD	BD

Fruits and
vegetables
2025	2024
BD	BD

Storage and
logistics
2025	2024
BD	BD

Types of revenue

Sale of goods

Rendering of services

4,042,158

Geographic markets

Bahrain

Kuwait and Saudi Arabia

4,042,158

Timing of revenue recognition

At a point in time

Over the time

4,042,158

3,911,205

4,346,608

1,594,321

5,940,929

4,652,840

1,437,959

6,090,799

356,389

334,821

194,533

149,408

3,911,205

5,940,929

6,090,799

356,389

334,821

194,533

149,408

12,252,099

17,301,023

18,317,960

1,048,654

1,274,534

522,691

442,710

12,252,099

13,055,437

4,245,586

17,301,023

14,001,322

4,316,638

18,317,960

1,048,654

1,274,534

522,691

442,710

3,284,693

The following table presents the disaggregation of the Group's revenue for the nine-month periods ended 30 September 2025 and 30 September 2024:

Wholesale operations
2025	2024
BD	BD

Dairy products and
beverages
2025	2024
BD	BD

Fruits and
vegetables
2025	2024
BD	BD

Storage and
logistics
2025	2024
BD	BD

Types of revenue

Sale of goods

Rendering of services

11,416,122

Geographic markets

Bahrain

Kuwait and Saudi Arabia

11,416,122

Timing of revenue recognition

At a point in time

Over the time

11,416,122

12,252,099

17,301,023

18,317,960

1,048,654

1,274,534

522,691

442,710

Livestock
2025	2024
BD	BD

Total
2025	2024
BD	BD

793,944

11,133,420

194,533

11,327,953

11,123,751

149,408

11,273,159

786,926

793,944

9,733,632

1,594,321

11,327,953

9,835,200

1,437,959

11,273,159

-786,926

786,926

793,944

11,133,420

194,533

11,327,953

11,123,751

149,408

11,273,159

786,926

3,284,693

-786,926

Livestock
2025	2024
BD	BD

Total
2025	2024
BD	BD

3,438,446

33,050,492

522,691

33,573,183

35,283,039

442,710

35,725,749

3,438,446

29,327,597

4,245,586

33,573,183

31,409,111

4,316,638

35,725,749

3,438,446

33,050,492

522,691

33,573,183

35,283,039

442,710

35,725,749

Trafco Group B.S.C.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
At 30 September 2025 (Reviewed)
5	SEASONALITY OF RESULTS

Investment income for the nine-month period ended 30 September 2025 amounting to BD 1,302,221 (2024: BD 1,207,627) is of a seasonal nature.

6	EARNINGS PER SHARE

Profit for the period attributable

to shareholders of TRAFCO

Group BSC - (BD)

258,804	263,385	1,149,926	1,824,401
74,197,575	74,197,575	74,197,575	74,197,575
3	4	15	25

Basic earnings per share is calculated by dividing the profit for the period attributable to shareholders of Trafco Group B.S.C. by the weighted average number of ordinary shares outstanding during the period, excluding the average number of ordinary shares purchased by the Company and held as treasury shares, as follows:

Three-month period ended Nine-month period ended
30 September (Reviewed) 30 September (Reviewed)
2025	2024 2025 2024

Weighted average number of

shares, net of treasury shares

Basic and diluted earnings per

share (fils)

Basic and diluted earnings per share are the same as the Company has not issued any instruments that would have a dilutive effect.

7	BOOK VALUE AND FAIR VALUE PER SHARE

Book value per share is calculated by dividing the equity as at period end attributable to shareholders of Trafco Group B.S.C. by the weighted average number of ordinary shares outstanding during the period, excluding the average number of ordinary shares purchased by the Company and held as treasury shares, as follows:

30 September

2025

(Reviewed)

31 December

2024

(Audited)

Equity as at period / year end attributable to

shareholders of TRAFCO - (BD)

Weighted average number of shares,

net of treasury shares

Book value per share (fils)

29,323,438 29,238,978 74,197,575 74,197,575 395 394

Market value per share (fils)* 266 310

* Market value per share is derived from Bahrain Bourse

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

8	FINANCIAL INSTRUMENTS

Set out below is an overview of the financial instruments held by the Group as at 30 September 2025 and 31 December 2024:
		Fair value
		through other
	Amortised	comprehensive
	cost	income	Total
Financial assets	BD	BD	BD
At 30 September 2025 (Reviewed)
Investments at fair value through other
comprehensive income	-	14,460,299	14,460,299
Trade and other receivables	11,809,936	-	11,809,936
Cash, bank balances and short-term deposits	2,963,842	-	2,963,842

Fair value

through other

comprehensive

income

Amortised

cost

Total

14,773,778 14,460,299 29,234,077

Financial assets

At 31 December 2024 (Audited)

Investments at fair value through other

comprehensive income

Trade and other receivables

Cash, bank balances and short-term deposits

11,996,791

1,764,512

14,221,497

11,996,791

1,764,512

13,761,303 14,221,497 27,982,800

30 September

2025

(Reviewed)

31 December

2024

(Audited)

Financial liabilities at amortised cost

Trade and other payables

Import loans

Lease liabilities

Bank overdrafts

Term loans

7,893,231	7,316,851
2,248,878	2,896,872
3,374,002	3,672,366
787,927	1,153,651
3,315,225	3,227,202

17,619,263 18,266,942

9	FAIR VALUE MEASUREMENT

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair value of financial instruments
The fair value of financial instruments are estimated based on the following methods and assumptions:
a)	Cash, bank balances and short-term deposits, bank overdrafts, import loans, trade and other receivables, retentions payable and trade and other payables approximate their carrying amounts largely due to the short-term maturities.

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

9	FAIR VALUE MEASUREMENT (continued)

Fair value of financial instruments (continued)
b)	Term loans and lease liabilities are evaluated by the Group based on parameters such as interest rates. As at 30 September 2025 and as at 31 December 2024, the carrying amounts are not materially different from their fair values; and

Fair values of quoted equity investments and quoted debt instruments are derived from quoted

market prices in active markets and in case of unquoted investment, fair values are provided by the investment managers or using other appropriate valuation techniques including fair values determined based on unobservable inputs using market multiples or other appropriate valuation methodologies.

The fair values of financial assets and liabilities are not materially different from their carrying values as at 30 September 2025 and as at 31 December 2024.

Fair value of non-financial assets and liabilities

The Group does not have any non-financial assets or liabilities which have been remeasured at fair value as

at 30 September 2025 and as at 31 December 2024.

Fair value hierarchy

All assets and liabilities for which fair value is measured or disclosed in the interim condensed consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

-	Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
-	Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and
-	Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the interim condensed consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The following table provides fair value hierarchy of the Group's assets and liabilities:

Quoted prices

30 September 2025 (Reviewed) Significant Significant

in active observable unobservable markets inputs inputs

Level 1 Level 2 Level 3 Total

Assets measured at fair value

Investments at fair value through

other comprehensive income

- Quoted equity investments

- Unquoted equity investments

5,061,598

9,398,701

5,061,598

BD BD BD BD

9,398,701

9,398,701 - 5,061,598 14,460,299

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

9	FAIR VALUE MEASUREMENT (continued)

Fair value hierarchy (continued)

Assets measured at fair value

Investments at fair value through

other comprehensive income

- Quoted equity investments

- Unquoted equity investments

31 December 2024 (Audited)

Quoted prices

in active markets

Significant

observable

inputs

Significant

unobservable

inputs

Level 1

Level 2

Level 3

Total

9,104,603

5,116,894

9,104,603

5,116,894

9,104,603 - 5,116,894 14,221,497

Liabilities measured at fair value:

There were no liabilities measured at fair value as of 30 September 2025 and as of 31 December 2024.

During the nine-month period ended 30 September 2025 and year ended 31 December 2024, there were no transfers between Level 1 and Level 2 fair value measurements, and there are no transfers into or out of Level 3 fair value measurements.

Reconciliation of fair value measurement of Level 3 assets

Level 3 equity investments have been estimated using fair value provided by the investment managers or other appropriate valuation techniques including fair values determined based on unobservable inputs using

market multiples or other appropriate valuation methodologies.

Movement in the fair values of financial assets classified as level 3 category was as follows:

Nine month

period ended

30 September

2025

(Reviewed)

Year ended

31 December

2024

(Audited)

At beginning of the period / year

Change in fair values

Disposal of shares

5,116,894 6,470,827

(15,740) (1,337,433)

(39,556) (16,500)

At end of the period / year

5,061,598

5,116,894

DIVIDENDS

At the annual general meeting of the shareholders held on 26 March 2025, a final cash dividend of 18 fils per share, excluding treasury shares, totaling BD 1,335,413 for the year ended 31 December 2024 was declared and paid (30 September 2024: At the annual general meeting of the shareholders held on 27 March 2024, a final cash dividend of 17 fils per share, excluding treasury shares, totaling BD 1,261,223 for the year ended 31 December 2023 was declared and paid.)

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

11	COMMITMENTS AND CONTINGENCIES

The Group has capital expenditure commitments of BD 82,780 as of 30 September 2025 (31 December 2024: BD 387,538).

Tender, advance payment and performance guarantees issued by banks on behalf of the Group, in the normal course of business, outstanding as at 30 September 2025 amounted to BD 921,047 (31 December 2024: BD 955,174).

12	SEGMENT REPORTING

For management purposes, the Group is organised into business units based on their products and services and has nine reportable operating segments as follows:

Wholesale operations Import and distribution of foodstuff.

Investments

Dairy products and beverages

Fruits and vegetables

Investment in quoted and unquoted securities

Production, processing and distribution of dairy products, juices, ice-cream, bottling of water and other items.

Import and distribution of fruits, vegetables and other food items.

Storage and logistics Providing of storage and logistics services.

Livestock

Import and sale of live animals, fresh, chilled and frozen meat and food service products.

No operating segments have been aggregated to form the above reportable operating segments.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained later in a table, is measured differently from operating profit or loss in the interim condensed consolidated financial statements.

Transfer prices between operating segments are approved by Group's management.

The Group's geographical segments are based on the location of the Group's assets. Sales to external customers disclosed in geographical segments are based on the geographical location of its customers.

Segment assets include all operating assets used by a segment and consist primarily of property, plant and equipment, right-of-use assets, inventories, trade and other receivables, cash, bank balances and short-term deposits. Whilst the majority of the assets can be directly attributed to individual business segments, the carrying amounts of certain assets used jointly by two or more segments is allocated to the segments on a reasonable basis.

Segment liabilities include all operating liabilities and consist primarily of term loans, import loans, lease liabilities, employees' end of service benefits, contract and refund liabilities, government grant, trade and other payables and bank overdrafts. Whilst the majority of the liabilities can be directly attributed to individual business segments, the carrying amounts of certain liabilities used jointly by two or more segments are allocated to the segments on a reasonable basis.

Inter-segment revenues, transactions, assets and liabilities are eliminated upon consolidation and reflected in the adjustment and eliminations column.

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

12	SEGMENT REPORTING (continued)

Revenue for the three-month period ended 30 September 2025 in the State of Kuwait and Kingdom of Saudi Arabia amounted to BD 1,594,321 (2024: BD 1,437,959) and profit for the three-month period ended 30 September 2025 amounted to BD 39,128 (2024: BD 31,277). The remaining revenue and profit for the three month period then ended is generated from the primary geographical segment in the Kingdom of Bahrain.

Revenue for the nine-month period ended 30 September 2025 in the State of Kuwait and Kingdom of Saudi

Arabia amounted to BD 4,245,586 (2024: BD 4,316,638) and profit for the nine-month period ended 30 September 2025 amounted to BD 46,369 (2024: profit of BD 115,850). The remaining revenue and profit for the nine-month period is generated from the primary geographical segment in the Kingdom of Bahrain.

At 30 September 2025, total assets in the State of Kuwait and Kingdom of Saudi Arabia amounted to BD 2,621,420 (31 December 2024: BD 2,278,306) and total liabilities amounted to BD 2,487,978 (31 December 2024: BD 2,144,866). All remaining assets and liabilities arise from the primary geographical segment in the Kingdom of Bahrain.

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

12	SEGMENT REPORTING (continued)

Three-month period ended 30 September (Reviewed)

Total revenue	4,120,634
Costs of revenue (excluding
depreciation)	(3,547,320)

Gross profit	573,314
Other operating income	8,763
Other expenses (excluding
depreciation)	(479,868)
Depreciation on property, plant
and equipment	(27,032)
Depreciation on right-of-use assets	(35,842)

The following table presents the details of segmental operating results for the three-month periods ended 30 September 2025 and 30 September 2024:

Wholesale operations
2025	2024
BD	BD

Investments
2025	2024
BD	BD

Dairy products and
beverages
2025	2024
BD	BD

Fruits and
vegetables
2025	2024
BD	BD

Storage and logistics
2025	2024
BD	BD

Livestock
2025	2024
BD	BD

Adjustments and
eliminations
2025	2024
BD	BD

Total
2025	2024
BD	BD

Revenue - third parties	4,042,158	3,911,205	-	-	5,940,929	6,090,799	356,389	334,821	194,533	149,408	793,944	786,926	-	-	11,327,953	11,273,159
Revenue - inter segments	78,476	169,582	-	-	15,220	17,172	33,648	13,799	52,598	82,355	17,573	1,570	(197,515)	(284,478)	-	-
		4,080,787	-	-	5,956,149	6,107,971	390,037	348,620	247,131	231,763	811,517	788,496	(197,515)	(284,478)	11,327,953	11,273,159
		(3,461,185)	-	-	(4,265,088)	(4,446,607)	(321,783)	(289,841)	(98,830)	(76,547)	(718,205)	(660,374)	147,103	202,779	(8,804,123)	(8,731,775)
		619,602	-	-	1,691,061	1,661,364	68,254	58,779	148,301	155,216	93,312	128,122	(50,412)	(81,699)	2,523,830	2,541,384
		12,441	-	-	22,467	21,691	31,750	25,972	2,975	1,788	2,317	3,174	(15,846)	(12,383)	52,426	52,683
		(540,608)	-	-	(1,150,293)	(1,020,990)	(79,217)	(79,143)	(21,945)	(23,145)	(137,855)	(164,725)	27,263	41,784	(1,841,915)	(1,786,827)
		(27,399)	-	-	(137,738)	(120,300)	(10,085)	(10,407)	(78,658)	(75,074)	(1,876)	(2,139)	(4,127)	(4,127)	(259,517)	(239,446)
		(35,559)	-	-	(74,179)	(73,530)	(4,951)	(4,951)	(12,302)	(12,288)	(2,973)	(2,976)	22,036	22,036	(108,210)	(107,268)
Profit (Loss) from operations	39,335	28,477	-	-	351,318	468,235	5,751	(9,750)	38,371	46,497	(47,075)	(38,544)	(21,086)	(34,389)	366,614	460,526

Investment income	-
Finance costs	(93,209)
Finance costs on lease liabilities	(30,567)
Foreign exchange gains - net	-

(86,641)

(31,487)

420,253

413,774

(1,737)

(24,907)

11,541

(172)

(27,149)

12,107

(6,428)

(5,123)

(12,586)

(5,241)

(49,787)

(16,584)

(3,849)

(16,755)

(2,554)

(22)

(3,640)

(278)

(213,122)

41,120

29,947

(262,358)	207,131
3,849	(112,595)
30,255	(47,256)
-	11,541

151,416

(103,039)

(50,655)

12,107

(Loss) profit for the period

(84,441)

(89,651) 420,253 413,774 336,215 453,021 (5,800) (27,577) (28,000) 25,893 (49,651) (42,462) (163,141) (262,643) 425,435 470,355

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

12	SEGMENT REPORTING (continued)

Nine-month period ended 30 September (Reviewed)

Total revenue	11,744,238
Costs of revenue (excluding
depreciation)	(10,211,742)

Gross profit	1,532,496
Other operating income	34,558
Other expenses (excluding
depreciation)	(1,402,170)
Depreciation on property, plant
and equipment	(82,099)
Depreciation on right-of-use
of assets	(107,580)

The following table presents the details of segmental operating results for the nine-month periods ended 30 September 2025 and 30 September 2024:

Wholesale operations
2025	2024
BD	BD

Investments
2025	2024
BD	BD

Dairy products and
beverages
2025	2024
BD	BD

Fruits and
vegetables
2025	2024
BD	BD

Storage and logistics
2025	2024
BD	BD

Livestock
2025	2024
BD	BD

Adjustments and
eliminations
2025	2024
BD	BD

Total
2025	2024
BD	BD

Revenue - third parties	11,416,122	12,252,099	-	-	17,301,023	18,317,960	1,048,654	1,274,534	522,691	442,710	3,284,693	3,438,446	-	-	33,573,183	35,725,749
Revenue - inter segments	328,116	368,460	-	-	63,860	63,525	71,233	52,408	203,873	228,996	38,292	1,950	(705,374)	(715,339)	-	-
		12,620,559	-	-	17,364,883	18,381,485	1,119,887	1,326,942	726,564	671,706	3,322,985	3,440,396	(705,374)	(715,339)	33,573,183	35,725,749
		(10,582,928)	-	-	(12,685,827)	(13,536,257)	(958,431)	(1,100,933)	(246,274)	(189,607)	(2,982,303)	(2,966,374)	508,520	492,069	(26,576,057)	(27,884,030)
		2,037,631	-	-	4,679,056	4,845,228	161,456	226,009	480,290	482,099	340,682	474,022	(196,854)	(223,270)	6,997,126	7,841,719
		35,230	-	-	65,892	48,875	94,668	70,079	8,260	5,452	7,458	8,122	(49,208)	(35,822)	161,628	131,936
		(1,590,241)	-	-	(3,281,455)	(3,011,941)	(213,013)	(226,677)	(65,337)	(64,205)	(449,664)	(502,999)	103,101	102,218	(5,308,538)	(5,293,845)
		(85,465)	-	-	(372,463)	(367,186)	(30,291)	(30,990)	(291,467)	(225,824)	(6,374)	(5,531)	(12,381)	(12,381)	(795,075)	(727,377)
		(105,839)	-	-	(222,331)	(218,897)	(14,851)	(14,515)	(36,877)	(36,863)	(8,925)	(8,592)	66,107	66,107	(324,457)	(318,599)
(Loss) profit from operations	(24,795)	291,316	-	-	868,699	1,296,079	(2,031)	23,906	94,869	160,659	(116,823)	(34,978)	(89,235)	(103,148)	730,684	1,633,834
		-

(261,015)

(92,824)

Investment income	-
Finance costs	(312,325)
Finance costs on lease liabilities	(92,174)
Foreign exchange gains, net	-

1,782,646

2,150,177

(17,823)

(79,664)

32,740

(1,908)

(84,351)

41,110

(22,939)

(15,419)

(30,500)

(15,736)

(147,379)

(49,752)

(17,909)

(50,265)

(5,659)

(115)

(12,568)

(848)

(480,425)

147,378

89,837

(942,550)

17,909

90,764

1,302,221

(358,747)

(147,287)

32,740

1,207,627

(305,991)

(153,260)

41,110

(Loss) profit for the period

(429,294)

(62,523) 1,782,646 2,150,177 803,952 1,250,930 (40,389) (22,330) (102,262) 92,485 (122,597) (48,394) (332,445) (937,025) 1,559,611 2,423,320

Capital expenditure (2,765,118) 1,474,339 - - 1,139,926 738,654 4,000 19,401 2,957,278 19,871 - 16,524 - - 1,336,086 2,268,789

The following table presents the details of segmental assets and liabilities as at 30 September 2025 and as at 31 December 2024:

Wholesale operations
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Investments
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Dairy products and
beverages
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Fruits and
vegetables
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Storage and logistics
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Livestock
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Adjustments and
eliminations
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Total
30 September	31 December
2025	2024
(Reviewed)	(Audited)
BD	BD

Assets 16,119,751 16,640,474 25,918,370 26,814,158 20,842,838 19,088,988 1,414,982 1,537,133 6,148,511 3,487,323 3,426,385 3,430,452 (18,386,835) (15,371,331) 55,484,002 55,627,197

Liabilities 12,896,296 12,934,976 - - 6,955,656 7,409,928 1,052,792 1,116,044 4,280,134 1,496,752 483,705 687,519 (5,713,377) (3,034,254) 19,955,206 20,610,965

Trafco Group B.S.C.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At 30 September 2025 (Reviewed)

13	RELATED PARTY TRANSACTIONS AND BALANCES

Related parties represent major shareholders, companies having common directors and key management personnel of the Group, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group's management.

Transactions with related parties included in the interim consolidated statement of profit or loss and other comprehensive income for the nine-month periods ended 30 September 2025 and 30 September 2024 respectively, are as follows:
Nine-month period ended
30 September 2025
Revenue	Purchases	Income	Expenses
BD	BD	BD	BD

Companies with common directors 562,161 809,129 849,235 150,917

Nine-month period ended
30 September 2024
Revenue	Purchases	Income	Expenses
BD	BD	BD	BD

Companies with common directors 487,026 1,993,141 748,511 180,625

Balances with related parties included in the interim consolidated statement of financial position as at 30 September 2025 and as at 31 December 2024, are as follows:

At 30 September 2025 At 31 December 2024
(Reviewed) (Audited)
Due from	Due to Due from Due to
BD	BD BD BD

Companies with common directors 317,435 343,302 212,486 474,584

Terms and conditions

Transactions are made at prices agreed mutually with the related parties. Outstanding balances at the period-end and year-end arose in the normal course of business are unsecured, interest free and settlement occurs in cash.

Compensation of key management personnel

The remuneration of directors and other members of key management personnel during the three and nine

month periods ended are as follows:

Three-month period ended Nine-month period ended
30 September (Reviewed) 30 September (Reviewed)
2025	2024	2025	2024
BD	BD	BD	BD

Short-term benefits

Employees' end of service benefits

102,481 307,785

2,265 6,501

331,837

6,350

113,220 3,234 116,454 104,746 314,286 338,187

Short term benefits during the nine-month period includes provision for Directors' remuneration of BD 70,000 (2024: BD 100,000) and Directors' fees of BD 55,500 (2024: BD 55,400).

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