Thursday, 28 March 2013

Widam Food’s 2012 net profits rise 29% to QR75 million

TRIBUNE NEWS NETWORK

DOHA

WIDAM Food, Qatar’s premium meat provider, on Wednesday announced QR75 million net profits for 2012, which is a 29 percent increase over the financial year ended on December 31, 2011. The company had reported QR58 million net profits for 2011.

The company’s earning per share (EPS) also increased 29 percent, which is equivalent to QR0.93, to reach QR4.17 per share from QR3.24 per share announced for the last financial year, according to a company release in Doha on Wednesday.

Widam Food also recorded a significant QR 59.7 million increase in sales in 2012, which rose to QR350 million, over the last financial year’s QR 260 million sales.

Remarking that 2012 was a great year for the company, Managing Director and Chief Executive Officer of Widam Food Ahmed Nasser Sraiya al Kaabi said: “We are pressing ahead with our growth and development plans for 2013 in order to cater to market demand with a wider line-up of products and services.” Widam is looking to tap into the industries of fish and poultry as part of its longterm plan to play a key role in the country’s food security objectives.

On the financial report for 2012, he said: “Such results accentuate our continued investments to grow our business, expand our workforce, upgrade our facilities and plan to tap into new industries.” He said that Widam Food was highly committed to excel in “everything we do by prioritising world-class best practices and uncompromised quality. This has been clearly apparent in the number of prestigious accolades we bagged till today.”” The Widam Food managing director said: “We are pressing ahead with our growth and development plans for 2013 in order to cater to market demand with a wider line-up of products and services.” Widam Food, previously known as Qatar Company for Meat & Livestock (Mawashi), is listed on Qatar Exchange.

The company was set up in 2004 with the aim of meeting Qatar’s market needs in meat and livestock.

Widam is engaged in the trading in livestock, meat, animal feeds, and meat derivatives in addition to management of slaughterhouses.

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