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FINANCIAL NEWS
Widam profit hits USD9.3m in H1
11 Aug 2014
(MENAFN) Widam, the Qatari food company has announced posting a net profit of USD9.30 million in the January-June period compared to USD8.90 million for the same period last year, QNA reported.
The surge of profits is due to the company”s continuous investments and efforts to develop its business as well as take advantage of new industries such as the expenses the company made in installing and improving their facilities.
These improvements led to the growth rate in sale revenue of their Australian sheep, reaching 25 percent, while their non-subsidized meat rose 40 percent resulting in a total sales revenue growth of 28 percent.
The company was also able to increase its profits by USD 411 thousands despite the continuous decrease in the buying price of the subsidized Australian sheep.
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