Kuwait Flour Mills profit hits KD 52 mln.
The Kuwait Flour Mills and Bakeries Company announced, Tuesday, that it achieved net profits of about 52 million Kuwaiti dinars (about $170 million) in 2022, an increase of 19 percent, reports Al-Jarida daily. The company’s chairman, Osama Al- Fraih, said in a press statement after the company’s general assembly that the total shareholders’ equity amounted to 565.5 million dinars (about $1.8 billion) in 2022 compared to 522.6 million dinars (about $1.7 billion), an increase of 19 percent. Al-Fraih added that the company sales amounted to 669.3 million dinars (about $2.2 billion) in 2022, compared to 497.7 million dinars (about $1.6 billion) in 2021, an increase of 11%.
He explained the company continued its successful path in 2022, indicating that the company’s management contributed to achieving its vision and consolidating its position as a leading food security company in the food industry, despite the challenges posed by global market turmoil. He pointed out that the company continues on its path of unprecedented profits year after year, pointing out that it maintained the growth in the size of its assets. For his part, the CEO of the company, Mutlaq Al-Zayed, said, according to the statement, the company has succeeded in continuing its brilliance and progress despite the challenges according to its strategic pillars, explaining that it seeks to enhance operational efficiency and improve the employment of assets.
Al-Zayed added that the company is working on building strategic warehouses and grain silos that enhance the storage capacity of the state and are also working on the gradual completion of the industrial system in order to maintain the continuity of production operations without interruption. He stressed the company’s continuation in achieving its strategic priorities by employing technical developments and innovation, while increasing its focus on gradual digital transformation, in addition to investing in developing digital platforms with the aim of supporting the company’s operations by allowing the sale of all the company’s products “online” via its platform.
Source- Arab Times.