Widam Net Profit Rose 12% to QR60.61 Million for 1^st Half of 2018

July 18, 2018

Widam Food net profit of amounted to QR60.61 million in the first half of 2018, compared to QR54.13 million in the same period last year, while the company’s earnings per share recorded QR3.37 in the first half of 2018, versus QR3.01 for the same period in 2017.

The Group’s Comments:

Widam Food sales revenues climbed in the first half of 2018 to QR282.4 million, an increase of 11.4% compared to the same period of last year. However, the cost of sales rose by 34.3% to QR503 million, bringing the total loss to 80.8%, or QR503 million. It should be noted that Government subsidy increased 52% to QR302.8 million, and with general and administrative expenses at QR27.7 million, in addition to other income of QR6.2 million, the net profit increased by 12% to QR60.61 million. Taking into consideration a currency loss of QR2.4 million, the comprehensive income amounted to QR58.4 million. The share price stood at QR66.5 resulting in a P/E ratio of 12.67.