Widam posts net profit of QR33.9m
Published: Aug 12, 2014
Source: Peninsula Qatar


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Widam posts net profit of QR33.9m

Widam Food Company disclosed the semi-annual financial statements for the period ending June 30, 2014 and revealed a net profit of QR33.90m in comparisons to QR32.44m for the same period last year.

The company’s earning per sshare (EPS) amounted to QR1.88 as of June 30, 2014 versus QR1.80 for the corresponding period in 2013.

Chairman of the Board of Directors of Widam, Sheikh Nayef bin Eid Al Thani said that these positive results reflect the company’s ongoing investments and its continuing efforts to develop its business, strengthen its team and take advantage of new industries.

This increase also reflects the total expenses that have invested to upgrade the level of the company’s installations and facilities to improve the overall performance of the company, he said.

The current financial results emphasise the tireless efforts to preserve what the company has worked over the past years to achieve, and that includes all the achievements and successes, he said.

For his part, the Managing Director of Widam Food Company Abdulrahman Hamad Al Kaabi said that the growth rate of sales revenue of Australian sheep reached 25 percent and revenues of non-subsidised meat rose 40 percent, resulting in the growth of the total sales revenue by 28 percent, adding that despite the continuation of the decrease in the purchase price of the subsidised Australian sheep, the company was able to increase sales volume which achieved an increase in profits by QR1.5m.

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