(MENAFN - The Peninsula) Zad Holding Company, Qatar's main producer of wheat flour and other bakery products, will soon launch European bakery products under the brand name "Qbake" as part of the company's plan to capture a wider market in Qatar.
Sheikh Nawaf bin Mohammed bin Jabor Al Thani, ZHC Managing Director, said the launch of such new product is part of the company's strategic initiatives to exploit future market opportunities especially as they had gained a significant increase of their gross profit for the first half of this year.
Al Thani said, as part of their expansion plans, they are also considering a few merger and acquisition proposals and green field projects.
Al Thani said despite of recessionary trends, the company gained QR36.89m gross profit this year as compared to QR27.41m of the same period last year.
"This was achieved due to the increase in the sale of flour and flour-based products in the local and export markets," Al Thani said.
Net profit for this year however was maintained at QR 46.33m which was almost the same figure last year but officials explained that this was due to the reduction of non operating income and the increase in general and administrative, selling and distribution expenses on account of increased activities that would be beneficial in the future.
The company will also modernise and upgrade their existing plant and equipment to gain higher yields while expansion of its milling capacity is ongoing that Arabic bakery would be increased from 400 metric tones a day to 600 metric tones a day after the plant will be completed on the first quarter next year.
Sufficient stocks of its products are available at the company and all of its outlets to respond to an expected demand from consumers especially during the Ramadan.
Aside from quality flour products which can supply the country all year round, Zad Holdings, formerly Qatar Flour Mills, also produces pasta, biscuits and other bakery products.
By CHRIS V PANGANIBAN