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Satyendra Pathak
Doha
Zad Holding Company will expand the capacity of its flour mill by 70 MT per day by June this year, the company's managing director has said.
Addressing shareholders during the company's annual general meeting in Doha, Zad Holding Company Managing Director Shiekh Nawaf bin Mohammed bin Jabor al Thani said the total milling capacity of the company would be 890 MT per day once the expansion is complete.
The company completed the capacity expansion of the flour mill by 150 MT per day in 2016, he said.
Talking to Qatar Tribune on the sidelines of the meeting, Zad Holding Company Managing Director Tarique Mohammed said the company was in the process of constructing cold storage expected to be completed by fourth quarter of the current year.
He said the company would build another cold storage in Manateq's Um Alhoul Special Economic Zone.
"We have already got plot at Um Alhoul for building cold storage. We will start work on the project soon. The cold storage will be functional in the next 18 months," Mohammed said.
He said the expansion of flour mill was aimed at meeting the growing demand for flour in the local market and GCC countries.
Zad Holding has a market share of 80 percent in Qatar's non-subsidised flour market, he said, adding that the company has also started exporting flour to GCC countries including Saudi Arabia and the UAE.
"We are also looking for opportunities to export flour to other neighbouring countries," he said.
The company, Mohammed said, would build a facility near Hamad Port to import raw materials in bulk.
"We are working on the project. I will be completed as per schedule," he said.
Earlier, addressing the shareholders, Zad Holding Company Vice-Chairman Sheikh Talal bin Mohammed bin Jabor al Thani said the company's net profit increased by 4.55 percent from QR160.3 million in 2015 to QR167.6 million in 2016 and earnings per share increased from QR7.44 to QR7.78 per share over the previous year.
The company has provided QR13.47 million for Zakat for the year 2016, he said.
"The company continues to keep an eye on the changing dynamics of the economic situation and study demand and supply in the market for all its products and services to make necessary arrangements and be prepared to cater to the market," he said.
