Wafrah seeks to turn profit, raise production and control costs: chairman

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Wafrah for Industry & Development Co.’s (Wafrah) current board of directors is focused on helping the company turn profit, through raising production capacity, boosting sales and controlling expenses, chairman Mohammed Al-Mukhadab told Argaam in a telephone interview.

The company has extensive experience in foodstuff industries, Al-Mukhadab said, adding that Wafrah aims to develop existing products and introduce new ones to meet consumer needs.

Protecting shareholders’ rights is also among the top priorities of the new board, as the firm seeks to move into profit mode, Al-Mukhadab noted.

Recently, Wafrah’s ordinary general meeting (OGM) approved dismissal of the board of directors and audit committee, as applied for by shareholders in possession of 7.14% of the total shares of the company, Argaam reported.

Shareholders elected a new board of directors for three-year term starting Jan. 14, 2021, naming Mohammed Al-Mukhadab as chairman