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Wednesday , September 28 2022

KLTT achieves KD 1.8m net profit in H1 of 2020

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Financial indicators came as result of govt support: official

KUWAIT CITY, Aug 17: The Kuwait Livestock Transport and Trade Company (also known as Al-Mawashi) achieved a net profit of 1.8 million dinars during the first half of this year, compared to 1.3 million dinars for the same period in 2019, reports Al-Rai daily. Chairman of the Board of Directors of Al-Mawashi, Walid Al-Shamlan Al-Roumi, said the main financial indicators came as a result of government support, in accordance with the decisions issued by the minister of commerce and industry regarding support for imported live sheep.

He added a government subsidy of 956,000 dinars was recorded in the second quarter, which helped the company to fix the prices of its products according to the decision of the minister, in addition to increasing the volume of revenues from the previous year. Al-Roumi added the operating revenues were about 40 million dinars until the end of the second quarter of 2020, compared to 31 million for the same period in 2019.

He pointed out that, in contrast, operating costs increased to 35 million dinars during the first half of this year, compared to 26 million dinars for the comparative period of 2019, and referred to the increase in sheep prices in the country of origin by up to 20 percent, along with the high cost of transportation and shipping.

The CEO of the company, Osama Khaled Boodai, stated that despite all the challenges posed by the corona pandemic, which greatly affected the economic activities in the country, the “livestock” continued to provide the needs of citizens and residents, and it activated the pre-established emergency plan to meet the market needs for meat.

He revealed the company continued to receive customer requests around the clock, through the company’s call center, the smart phone application, and home delivery during the total and partial ban and even on Fridays to serve the largest possible number of customers.

Boodai pointed out that the company continues to provide its products in the supply branches and cooperative societies, and that it has committed to fixing the prices of its products from sheep and veal, believing in its national responsibility and supporting food security in the country, and maintaining the stability of red meat prices in the market in proportion to the needs and capabilities of consumers.

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