Ali bin Mohamad Al Ubaidali (left) , Chairman of Widam Food
Net profit of Widam Food has increased by 19.22 percent (over QR80m) during the past nine months this year compared to over QR67m during same period last year, the company announced yesterday.
The Company disclosed its financial statements for the period ended on September 30, 2017. The statement shows that the net profit is QR80,146,641 compared to net profit QR67,223,967 for the same period last year.
The Earnings per Share (EPS) amounted to QR 4.45 for the period ended September 30, 2017 from EPS QR3.73 for the same period last year. “We are happy to see the results that we achieved despite the blockade,” said Ali bin Mohamad Al Ubaidali, Chairman of Widam Food.
Al Ubaidali said that the result shows that import of frozen meat and livestock from Australia had increased.
“The positive results are caused by a strategic plan made by the company during this period to help increase the profit and market share despite the challenges in the region,” said Abdul Rahman bin Mohammed Al Khayarain, CEO of Widam.
Al Khayarian said that there is enough stock of meat of sheep and beef and the livestock to meet the requirement of local market. The company has been receiving ships carrying sheep and calf throughout the year without any impact of blockade directly or indirectly, he added.
Al Khayarian said that the company has diversified its sources of import to ensure the supply of meat on competitive prices at local markets.
“Widam Food has its branch in Sudan that exports to Qatar large stock of red meat (meat of sheep, goat and beef) that has pretty good demands in the local markets,” he added.
