(The Group’s Comment) Widam Food Net Profits Declines by 20% to QAR 63.39 Million in the 3^rd Quarter 2019

Ø  Profits: Net profits for the first 9 months of 2019 amounted to QAR 63.39 million versus QAR 79.65 million net profits for the same period last year 2018, a drop of 20.30% while earnings per share QAR 0.35 versus QAR 0.44. The 3^rd quarter profits amounted QAR 14.15 million compared to QAR 19.04 million for the same quarter last year. The decline in the profits came from a non-repeated activity being the selling of one of the company’s investments at losses during the period.

Ø  Comprehensive Income: The Company registered profits from assessment variations of foreign currencies by QAR 4.2 thousand against losses of QAR 3.25 million for the first period last year.

Ø  Revenues: increased by QAR 21.40 million (5.35%) to reach QAR 21.40 million. On the other hand, the cost of sales reduced by QAR 27.4 million, a decrease of 3.82% causing an improvement in the total profit to amount QAR 114.10 million versus QAR 110.57 million for the equivalent period last year 2018.

Ø  Government Compensations:  The Company is working, according to a contract, with the Government of the State of Qatar by-which the latter compensates the company with a specific amount against each kilogram where the government compensation at the end of the period stood at QAR 693.51 million versus QAR 720.95 million for the same period last year 2018 declining by 3.81%

Ø  Company’s losses from non-reoccurring activities: The Company has liquidated one of its investments in Al Rakia area which resulted in losses of QAR 13.85 million and left its impact on the company’s profits.