Widam Food Net Profit in 2016 Rises 32% to QR 91.2
Million
Board
recommended distributing QR 3.5 per
share
January 29, 2017
Widam Food Company net profit in 2016
amounted to about QR 91.29 million
compared to QR
69.14
million in the corresponding period last
year. Earnings
per share stood at QR 5.07 versus QR
3.84 in the corresponding period in
2015. The Board of Directors proposed a
cash dividend of QR 3.5 per share.
The Group Securities Comment:
Widam Food Company operating losses in
2016 decreased 22% to QR 209.8 million
and it obtained
Government
support of QR 341 million in meat price,
down 8.5% from government support
provided last year.
General
and administrative expenses increased by
14.3% to QR 41.6 million. As a result,
net profit for the year rose by 32.1% to
QR 91.3 million and the comprehensive
income amounted to QR 85.4 million due
to currency differences losses.