KUWAIT: Kuwait Flour Mills and Bakeries Company (KFMB) is a major supplier to local market throughout the year especially during the holy month of Ramadan, which is due next week, providing a variety of products with very reasonable prices, contributing to food security, the firm's CEO said. KFMB's factories will increase production of products mostly used throughout Ramadan as well as offering new products, Mutlaq Al-Zayed said in an interview Thursday.

Elaborating on production, Al-Zayed said KFMB would be producing more white and brown Ruqaq (thin) bread, macaroni, vegetable oil, peeled and crushed wheat, and bakery products. He said KFMB offered new fresh and frozen products like mini-pizza foundation dough, plain croissant or stuffed with chocolate, mozzarella cheese, strawberry, thyme, and pistachio cream. These products, he added, were already being sold at the Ramadan food fair, held at International Fair Grounds in Mishref Area, and due until April 2.

Al-Zayed noted that demand for bread usually dropped early in Ramadan but returned to its normal levels half-way through the month. KFMB, said Al-Zayed, has been keen on honoring consumers' needs and was also offering new products like protein bread, potato hotdog rolls, cream filled lemon biscuit, brioche, as well as sandwiches stuffed with cheese or labna and zaatar. The company was established in 1961 and was known as Kuwait Flours Company. Production began in 1965. The company was merged with Kuwait Barkeries Company in 1988 to become KFMB and has been representing one of the major contributors of food security. The company has managed to focus on innovation in products and businesses in order to maintain its ability to achieve food security for Kuwait.

Al-Zayed added that thanks to proactive plans, the company was able to contract with international advisory offices to build iron silos with a storage capacity of 50,000 tons, explaining that during the pandemic it was keen to stabilize the sale prices of subsidized goods and restructure the prices of unsupported goods despite a rise in global prices of barley, corn and vegetable oils, which began since the last quarter of 2020. "The company will continue its efforts in the face of these challenges," he said.

Meanwhile, KFMB announced Thursday net profits of KD 43.6 million ($141 million) in 2021, with a seven percent rise in shares despite obstacles caused by the COVID-19 pandemic. During the general assembly, Chairman of the board of directors, Osama Al-Furaih attributed the success of KFMB in achieving national food security and sustainability to the way it transformed challenges into opportunities of growth and perseverance.

He explained that 2021 was riddled with hardships and economic uncertainties, citing continuation of pandemic, produce price increase, and unprecedented inflation of cargo tariffs. Al-Furaih commented that last year was a true testament to KFMB's resilience and flexibility in facing global changes, as it not only ensured national food security but it also managed to create products amidst uncertain times. The company managed to secure growth and strengthening of assets, which reached KD 651.2 million ($2.1 billion), a nine percent increase from 2020's KD 597.4 million ($1.9 billion) as sales registered a strong KD 497.7 million ($1.6 billion) compared to the KD 416.9 million ($1.3 billion) in 2020, marking a 19 percent increase, the chairman said.

On his part, Al-Zayed added that KFM, since its establishment 60 years ago, has worked tirelessly and diligently to ensure food security. He added that the company helped in curbing negative impact of pandemic as it successfully inaugurated a couple of bakeries and a chilled storage space to be operated this current year. Al-Zayed further illustrated that the company stabilized subsidized commodity prices and refashioned unsubsidized commodity prices despite global rise in prices, and it also contracted with an international consultancy company to build metal silos. Al-Zayed forecast that challenges will continue throughout this current year as prices of seeds, oils, and imports and exports continue to rise, affirming that KFM will continue to introduce new high-quality products to the market. Kuwait Flour Mills Company was established in 1961, as strategic step by the government to ensure food security, and in 1988 it merged with Kuwait Bakeries company to become one of the biggest foodstuff companies in Kuwait and the Gulf. - KUNA