Mawashi profit jumps 50 percent

Mawashi (Qatar Meat and Livestock Company) has reported a 50% expansion in net profit to QR62mn during January-September this year. It recorded a 29% hike in sales to QR236.4mn, a company spokesman said in a communiqué. “Mawashi will continue with its ambitious expansion plans by putting to use its entire capabilities and resources in order to be ready to cater to the growing market needs and demands by the beginning of 2013,” said its managing director and CEO Ahmed Nasser Sraiya al-Kaabi. The company was able to cut its administrative expenses by almost 6% to QR24.2mn. Total expenses have been incurred during the period for the planned expansion of production capacity in addition to investment in market research, hygiene measures and food safety. The provisions for doubtful debts amounted to QR3.2mn. Its other income included profit resulting from the revaluation of realty investment of QR1.8mn and other revenues comprised QR9mn of sales revenues of leather, grease and slaughtering charges.