Widam Food Posts 29% Surge in 2012 Net Profits

Doha, March 27 (QNA) - Widam Food, Qatar's premium meat provider, has on Wednesday announced its financial results for the year 2012 with net profits reaching QR75 million for the financial year ending Dec. 31, 2011. Net profits surged by around 29 %, which reported an increase by QR17 million compared with the same period last year when the company registered QR58 million, a company press release revealed here today. EPS (Earning per Share) also increased by 29 %, about QR0.93, to reach QR4.17 per share, increasing by QR3.24 per share compared to last financial year. Additionally, the company recorded a significant hike in sales reaching QR350 million, a growth by QR59.7 million or around 23 % compared to the previous financial year when sales were up to QR260 million. Widam Food Managing Director and CEO Mr. Ahmed Nasser Sraiya Al Kaabi said: "2012 has been a superb year for us at Widam Food and this is strongly highlighted by our annual financial results which saw our profits soar to 75 million QR. Such results accentuate our continued investments to grow our business, expand our workforce, upgrade our facilities and plan to tap into new industries." "At Widam Food, we are highly committed to excel in everything we do by prioritizing world-class best practices and uncompromised quality. This has been clearly apparent in the number of prestigious accolades we bagged till today. We are pressing ahead with our growth and development plans for the year 2013 in order to cater to market demand with a wider line-up of products and services," Al Kaabi added. Listed on the Qatar Exchange, Widam was founded in 2004 with the aim of meeting Qatar's market needs in meat and livestock. The company is engaged in the trading in livestock, meat, animal feeds, and meat derivatives in addition to management of slaughterhouses. (QNA)