Kuwait, April 13, 2016 — Mezzan Holding KSCC, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf, held its 15th Annual General Meeting of Shareholders today.
The AGM approved the Board of Directors’ recommendation to distribute 27.5 fils per share for a total dividend payout of KD8.15 million (27.5% of capital) for the year, plus 5% bonus shares.
The Extraordinary General Meeting approved a 5% increase in the the company’s authorized, issued and paid-up capital by KD1,482,500, from KD29,650,000 to KD31,132,500 by issuing 14,825,000 bonus shares.
Shareholders also voted in Mezzan’s new board members for a three-year term including Mohammad Jassim Mohammad Al Wazzan, Abdel Rahman Jassim Mohammad Al Wazzan, Motasem Jassim Mohammad Al Wazzan, Jamal Abdulhameed Al Mutawa and Abdulwahab Ahmad Al Marzouq. Suleiman Khaled Jassim Al Wazzan was voted in as a reserve member.
Mezzan Vice Chairman, Mohammad Jassim Mohammad Al Wazzan said: “The board of directors is currently considering new expansionary projects for the company’s core activities and those of its subsidiaries that will generate strong revenues and achieve company goals. I would like to thank the management and staff for their effort and to thank the shareholders for their trust as we continue to seek new lucrative opportunities for the the medium and long term for all stakeholders.”
2015 Full Year Financial Performance Review:
- Revenues totaled KD196,129,282, an increase of 7.5%(KD13,625,535) compared to revenues of KD182,503,747 reported for the year ended December 31, 2014.
- Cost of revenues totaled KD145,588,387, an increase of 6.5%(KD8,971,035) compared to KD136,617348 reported for the year ended December 31, 2014.
- Gross revenues totaled KD50,540,895, an increase of 10.1% (KD4,654,496) compared to KD45,886,399 reported for the year ended December 31, 2014.
- Profit attributable to shareholders totaled KD19,437,007, an increase of KD4,684,223 (32%) compared to KD14,752,784 reported for the year ended December 31, 2014.
- Shareholders’ equity totaled KD97,476,738 recording an increase of 12.66% (KD10,958,312) compared to shareholders’ equity of KD86,518,416 reported for the year ended December 31, 2014.
- Total assets totaled KD180,331,159, an increase of 8.29% (KD13,809,252) compared to total assets worth KD166,521,907reported for the year ended December 31, 2014.
- Total liabilities totaled KD80,299,731, an increase of 3.12% (KD2,436,803) compared to total liabilities worth KD80,299,731 reported for the year ended December 31, 2014.
(ENDS)
About Mezzan Holding:
■ Operates in seven countries through 29 subsidiaries with 7,500 employees
■ Distributes over 25,000 Stock Keeping Units (SKU), making it one of the largest operators in terms of SKUs, unit sales, market share and in terms of share of revenues of total consumer spending in consumer categories served by the company
■ Active in various segments of the consumer staple industry supported by long-standing relationships with Johnson & Johnson, Olayan Kimberly-Clark, Reckitt Benckiser, General Mills, Arla Foods, Sara Lee and many other leading brands and manufacturers
■ Serves over 100,000 meals a day in Kuwait, Qatar and the UAE through its catering business
■ Has a total of 130,000 square meters in food, beverage and FMCG manufacturing facilities in Kuwait, Qatar, UAE and Afghanistan
■ Leverages long-standing relationships with private and cooperative supermarkets
■ Vertically integrated into complementary business operations, including packaging, catering, contract services and logistics
■ Food services customers include multinational fast food chains, airline catering services and large food services companies.
Mezzan Holding is a 70-year old company that was listed on Kuwait Stock Exchange in the second quarter of 2015. The company is headquartered in Kuwait with direct operational activities in Kuwait, UAE, Qatar, Saudi Arabia, Iraq, Jordan, and Afghanistan.
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For more information, please contact:
Fatima El-Saadani | Bensirri Public Relations | Tel: +965 999 81334 | email: fatima@bensirri.com