(L) Ali Mohammed Al Obaidli, Chairman of Board of Directors of Widam. (R)Abdul Rahman Mohammed Mubark Al Khayarain, CEO of Widam.
Widam Food Company yesterday announced a net profit of QR91.29m for the year ended December 31, 2016 compared to QR69.14m at the end of December 2015, showing rise of 32.04 percent.
Earnings per share of the company increased to QR5.07 in 2016 compared to QR3.84 from the previous year. Ali Mohammed Al Obaidli, Chairman of Board of Directors of Widam said the board approved the final financial statement in meeting held on Thursday.
The Board of Directors decided to present a recommendation to the General Assembly to approve the distribution of dividends of 3.5 riyals per share to the shareholders. Obaidli said the positive financial results of the company reflect its achievements through a clear and well thought out strategy that led to achieve high profit since the establishment of the company and its entry to the market in 2004.
He added that the earnings mainly came in from increase in the revenue increase reduction in expenses. The increase in revenues amounted to 4.2 percent and costs reduction was around by 5.9 percent, which in turn reduced government supported revenues.
Abdul Rahman Mohammed Mubark Al Khayarain, CEO of Widam said “We are happy to achieve these results, which added to a series of achievements, stressing that the company has been able to achieve these successes despite the economic challenges sweeping the entire world.”
He added that the positive financial result of the company reflects expansion of its share in the market. The company has developed the best strategies and developed its relations with companies which helped it to maintaining stability in the availability of different kind of meat in the country.
The company in collaboration with the Ministry of Economy and Commerce is running initiative of providing subsidised Arab sheep to citizens. It has launched a new slaughter house in Central Market last year, which is first of its kind in the country for slaughtering camels. As a part of company’s strategy, it has expanded its retail outlets in different part of the country.
Widam provides Australian, Indian, Sudanese, Pakistan and Arab sheep and cows from Australia, Pakistan and Somalia to the customers.
The company has 19 retail outlets spread across the country including six branches opened last year.
