Widam posts net profit of QR33.90m

August 11, 2014 - 12:52:07 pm

DOHA: Widam Food Company discloses the semi-annual financial statements for the period ending June 30, 2014.

The reviewed financial statements for the period ending June 30, 2014 revealed a net profit of QR33.90 Million in comparisons to QR 32.44 Million for the same period last year.

The Company's Earning per Share (EPS) amounted to QR 1.88 as of June 30, 2014 versus QR 1.80 for the corresponding period in 2013.

HE 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 Chairman of the Board of Directors of Widam 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 QR1.5 million.

He added that during the past year, the company achieved an increase in other income for the year 2013, where revenues amounted to QR3,793 million, compared to QR 46,642. (QNA)