Widam Food Company reported a record profit of QR54.1m for the first six months of this year ended June 30, 2017, up by 22.5 percent compared to QR44.1m reported for the corresponding period last year.
Earnings per Share (EPS) of the company amounted to QR3.01 for the period ended June 30, 2017 against QR2.46 during the same period in 2016.
On the disclosure of the company’s financials, Ali Mohamed Al Obaidly (pictured), Chairman of the Board of Directors of Widam Food Company, said so far 2017 has been an exceptional year for the company, which has witnessed a sharp jump in its net profit, with the total net profit for the first six months of this year reaching at QR54.1m, registering a remarkable growth of 22.5 percent. Al Obaidly noted that this half-yearly net profit is the highest since the inception of the company in 2004, a figure that exceeded expectations.
He added that the company expects good growth in its revenues during the remaining six months of the year , and will meet the expectations of investors.
He also said that the company has strengthened its capacity to meeting the domestic demand for red meat by increasing its production capacity and reducing cost to achieve the strategic objective of attaining food security despite the ongoing challenges facing the region.
