Kuwait Flour Mills profit hits KD 52 mln in 2022, an increase of 19 percent.
27 March 2023, 12:00 AM
30 April 2023, 12:00 AM
Kuwait Flour Mills and Bakeries Company announced that it achieved net profits of about 52 million Kuwaiti dinars (about $170 million) in 2022, an increase of 19 percent.
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%, reports Al-Jarida daily.
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.
Kuwait Flour Mills 2022