Kuwait Flour Mills and Bakeries Company (KFM) announced that it achieved KWD 43.6 million net profits in the financial year 2021. Shareholders Equity grew by 7%, despite the economic challenges imposed by Covid-19 pandemic. During the Company’s Annual General Meeting (AGM) held to discuss the Company’s financial results for FY 2021, Chairman Osama Al-Furaih attributed the company’s success in achieving national food security and sustainability to the way it transformed challenges into opportunities, as the company maintained its competitive edge and leading position as a prominent national government owned company. Al-Furaih added that 2021 was “riddled with challenges” and economic turmoil, adding more pressure on the company due to Covid-19 pandemic and higher prices of crops and food in global markets at an alarming pace, in addition to the record-high inflation that hit shipping fees. He explained that the past year was a "true testament" of the company's resilience, flexibility, and strength in facing global challenges, as it was able to focus on innovation in products and business to maintain its ability to achieve food security for the State of Kuwait. He mentioned that KFM managed to grow and strengthen its assets which stood at KWD 651.2 million, up by 9% from KWD 597.4 in 2020, as sales jumped by KWD 497.7 million compared to KWD 416.9 in 2020, up by 19%. Meanwhile, the Company’s CEO, Mutlaq Al-Zayed added that since its establishment 60 years ago, KFM has worked diligently to ensure food security, adding that the company had a major role in curbing the pandemic’s negative impact, as it brough into operations two new bakeries in Fahad Al-Ahmad and Saad Al-Abdullah, in addition to the temperature-controlled storage space that will be operational later this year. “Thanks to our proactive plans, the company cooperated with and international advisor to build metal silos with a storage capacity of 50,000 tons, explaining that the company sough during the pandemic to stabilize subsidized goods’ prices and restructure the prices of unsubsidized goods despite higher prices for barley, corn and vegetable oils in the global markets in the last quarter of 2020”. Al-Zayed said. He expected that last year challenges will spill over this year, as prices of grains, oils, shipping, and supply skyrocketed, “however the company will continue its efforts to face these challenges." He said, adding that company intends to introduce high quality products at competitive prices. This should increase its market share and enhance its performance going forward. It is worth noting that KFM was established in 1961 as a strategic step by the government to ensure food security for the State of Kuwait. In 1988, KFM merged with Kuwait Bakeries Company to become one of the largest food production companies in Kuwait and the GCC.