(MENAFN- The Peninsula) Zad Holding Company (Zad), (previously Qatar Flour Mills â€" QFM), has recently introduced an additional line of flour production with a capacity of 200 tonnes per day. With this expansion, the total production capacity of QFM will reach 600 tonnes per day.
This was disclosed by Sheikh Nawaf bin Mohamed bin Jabor Al Thani, Zad’s Managing Director, during the company’s annual general meeting (AGM) which was held at La Cigale hotel yesterday.
The director said that Zad would continue investing in the food sector in Qatar and is considering a number of projects related to food industry. These projects are a large scale fully integrated poultry project, producing both eggs, meat processing (frozen food) and a number of joint venture/acquisitions proposals in food sectors.
Sheikh Nawaf said that Zad’s gross profit has increased by 20 percent from QR58.2m in 2008 to QR69.9m in 2009.
The net profit has increased by 48 percent from QR39.2m in 2008 to QR57.9m in 2009, whilst earning per share increased by 48 percent from QR4.29 to QR6.33 over the previous year.
The company has paid a zakat levy worth QR7.5m to the Zakat Fund in 2009 against QR5.3m in 2008. As part of the company’s corporate responsibility, it has contributed an amount of QR930,696 towards social funds.
The AGM has endorsed topics in the agenda that include increasing the share capital of the Company from QR91m to QR100m by issuing bonus shares at 10 percent and making required amendments on the company’s articles of association for the purpose.
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