Kuwait Flour Mills and Bakeries Company announced it made a net profit of 52 million Kuwaiti dinars (about $170 million) in 2022, an increase of 19%.
The company’s chairman, Osama Al-Fraih, said in a press statement issued 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%, reports Al-Jarida daily.
Al-Fraih added that the company achieved sales amounting to 669.3 million dinars (about 2.2 billion dollars) in 2022, compared to 497.7 million dinars (about 1.6 billion dollars) in 2021, an increase of 11%.
He explained that the company continues to make profits year after year in line with its vision and consolidating its position as a leading food security company in the food industry, despite the challenges posed by global market turmoil and is seen as one of the biggest company in this field in the entire Arabian Gulf.
The CEO of the company, Mutlaq Al-Zayed, said the company has succeeded in continuing its brilliance and progress despite the challenges, explaining that it seeks to enhance operational efficiency and is working on building strategic warehouses and grain silos to enhance the storage capacity of the state and 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” through its platform.
It is noteworthy to make a mention that the company was established in 1961 as a strategic governmental step in securing food security for the State of Kuwait, and in 1988 it merged with the “Kuwaiti Bakeries” Company, thus becoming one of the largest food production companies in Kuwait and the Arabian Gulf
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