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DOHA: Mawashi, Qatar’s Meat & Livestock Company, announced yesterday its financial results for the third quarter of 2012 with net profits reaching a whopping QR62m for the period ending September 30, 2012. Net profits surged by around 50 percent or by QR20.5m, over the same period last year when the company registered QR41.5m.
The company’s earning per share (EPS) increased by 50 percent, or what is equivalent to QR1.14, to reach QR3.45 per share, up from QR2.31 per share in comparison with the same period last year.
Additionally, Mawashi recorded a significant hike in sales reaching QR236.4m, up 29 percent to QR53.6m, over the same period last year where sales were up to QR182.8m.
Ahmed Nasser Sraiya Al Kaabi, Managing Director and Chief Executive Officer of Mawashi said that the company was able to decrease its administrative expenses by almost six percent to reach QR24.2m down from QR25.5m.
“We are very pleased with such strong results which underline our team’s steadfast commitment to our sustainable and long-term strategy of raising the bar in the industry by embracing global best practices and uncompromising quality across the board. Total expenses have been incurred during the period for our planned expansion of our production capacity and our selling capacity in addition to our investment in market research, hygiene measures and food safety reached QR5m. Our doubtful debt allowance for amounts dating back to 2007 and to our project in Sudan reached QR3.2m”, Al Kaabi said.
“With a growth reaching 27 percent, the cash balance and its equivalent recorded QR151m up to September 30, 2012, representing a 30 percent of the total current assets (liquid cash ratio) compared to QR27m in 2011, a seven percent of the total current assets”, he added.