By: Eslam Salem

Doha – Mubasher: Zad Holding is planning to expand both locally and regionally in 2016, said managing director Nawaf Al Thani on Sunday.

"We are planning to establish refrigerated warehouses in the second half of the year, with the project slated for completion in 2017," the top official told Mubasher on Sunday following the conclusion of the company's ordinary general meeting (OGM).

Total cost for the project ranges between QAR 50-60 million, Al Thani said, adding that the company plans to expand its current mills to increase production capacity by adding 150 tonnes per day, bringing total production to 830 tonnes per day.

As for the regional expansion, the managing director highlighted that the company was currently examining a project to be launched in the UAE in 2016.

"More information about the UAE project will be released as soon as the examination period is over," he added.

Zad Holding posted a net profit of QAR 160.32 million for FY15, down 11.8% from QAR 181.47 million recorded in FY14.

Translated by: Nada Adel Sobhi