Widam Net Profit Rose to QR26.6 Million in First Quarter of 2018

April 29, 2018

Widam Food Co. disclosed its financial statements for the period ended on 31 March 2018. The statements show a net profit of QR26.6 million, compared to QR22.9 million for the same period last year.

Widam’s earnings per share amounted to QR1.48 for the financial period ended on 31 March 2018, compared to QR1.28 for the corresponding period of 2017.

The Group’s Comments:

The company’s revenues from sales rose by 10.4% to QR118.5 million in the first quarter of 2018, but the cost of sales increased by 41% to QR208.5 million. As a result, the operating loss doubled to QR90 million. However, the government support increased by 70.1% to QR126.9 million, and other income climbed to QR2.9 million. On the other hand, expenses remained stable at QR13.1 million, a slight increase, driving the net profit to an increase of 20.4% to QR27.7 million.