Kuwait Flour Mills Announces Record Profits And Outlines Growth Strategies

The Kuwait Flour Mills and Bakeries Company has reported record-breaking annual profits for the year 2023, marking a significant milestone in its history. The company revealed a staggering increase of 47 percent over the previous year, with profits reaching an impressive 76.7 million dinars (approximately 235 million dollars). Abdul Hamid Tawfiqi, the Vice Chairman of the Company’s Board of Directors, highlighted the company’s exceptional performance and its ability to maintain growth in assets during the general assembly meeting.

Tawfiqi noted that shareholders’ equity for 2023 amounted to 635.9 million dinars (about 1.9 billion dollars), reflecting a 12 percent increase from the previous year. Total assets also saw a notable uptick, reaching 782.2 million dinars (approximately 2.4 billion dollars), an 8 percent rise compared to the previous year. Sales for the company in 2023 amounted to 708.5 million dinars (about 2.16 billion dollars), showing a 6 percent increase, while the cost of sales stood at 661.2 million dinars (about 2.02 billion dollars).

Mutlaq Al-Zayed, the company’s CEO, emphasized the importance of development and growth as integral components of the company’s identity. He underscored the company’s commitment to enhancing the food security system while ensuring sustainability and expanding commercial and industrial operations to advance development across all sectors. Despite challenges posed by the Russian-Ukrainian war and escalating security threats in the Red Sea, Al-Zayed expressed confidence in the company’s ability to overcome obstacles and maintain its vision and goals.

Al-Zayed further outlined the company’s efforts to adapt to changing market conditions and consumer preferences, including the development of new products to meet evolving tastes. Despite facing challenges in the Gulf markets due to tax duties, the company managed to expand its share in the local market, recording a 6 percent growth in total annual sales.

Established in 1961 as a strategic initiative to ensure food security for Kuwait, the Kuwait Flour Mills and Bakeries Company has evolved into one of the largest food production companies in Kuwait and the Arabian Gulf, following its merger with the Kuwaiti Bakeries Company in 1988.

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