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FINANCIAL NEWS
Qatari Mawashi’s Q3 profit surges 50%
31 Oct 2012
(MENAFN) Qatar’s Meat & Livestock Company’s (Mawashi) Managing Director and CEO, Ahmed Nasser Sraiya Al Kaabi, stated that third-quarter net profit grew 50 percent to USD17 million, from USD11.39 million in 2011’s same period, reported The Peninsula.
Al Kaabi said that in the quarter, sales jumped to USD64.89 million, compared with USD50.17 million posted in last year’s same 3-month period.
Administrative expenses fell by nearly 6 percent, reaching USD6.64 million, down from USD6.99 million a year earlier.
It is worth noting that up to September 30, 2012, Mawashi’s cash balance and its equivalent reached USD41.45 million, accounting for 30 percent of the total current assets (liquid cash ratio).
It is worth noting that total expenses reached USD1.37 million, while its doubtful debt allowance for amounts dating back to 2007 and to the company’s project in Sudan reached USD878,421.
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