- Company to hold an earnings call to discuss results on Monday, 8th of May 2023 at 2.30 pm Kuwait Time.
Kuwait, 8 May 2023: Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf, today announced the company’s financial results for the first quarter ended 31 March 2023.
Q1 2023 Financial Highlights:
– Revenue: KD 79 million, up 8.9%
– Operating Profit: KD 6.1 million, up 57.6%
– EBITDA: KD 8.3 million, up 33.8%
– Net Profit to Parent Company Shareholders: KD 4.3 million, up 45.1%
Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “We are delighted to report improved financial performance this quarter, which is a testament to the hard work and dedication of our entire team across all geographies. Mezzan’s success in adapting to the evolving market conditions has contributed significantly to our success last quarter. We are proud of the achievements and remain committed to creating long-term value for our customers, shareholders, and employees.”
Mezzan Holding CEO, Garrett Walsh, said: “The company’s Q1 earnings reflect stronger results in both our Food and Non-Food business lines despite the challenging market conditions. Mezzan’s metrics are clearly on the road to recovery. The team’s success in identifying growth opportunities in parallel to implementing robust cost controls were instrumental in improving Mezzan’s efficiency in the quarter.”
Q1 2023 Financial Performance Review:
- Food Business Line:
Total Revenue for the Food Business Line reached KD 49 million, an increase of 7% compared with Q1 2022. The Food Business Line accounted for 62% of Group Revenue. The Business Line comprises the following three divisions: Manufacturing and Distribution (generating 51% of Group Revenue), Catering (generating 7% of Group Revenue), and Services (generating 4% of Group Revenue).
- Manufacturing and Distribution: revenue increased by 11.2%.
- Catering: revenue decreased by 19.1%.
- Services: revenue increased by 15.2%.
- Non-Food Business Line:
Revenue reached KD 30 million, an increase of 12.2% compared with Q1 2022. The Non-Food Business Line accounted for 38% of Group Revenue. The Business Lines comprises the following divisions: FMCG and Pharmaceuticals business division (generating 35% of Group Revenue) and Industrials (generating 2% of Group Revenue).
- FMCG and Pharmaceuticals: revenue increased by 11.4%.
- Industrials: revenue increased by 25.2%.
Q1 2023 Regional Business Highlights:
- Kuwait: Revenue increased by 9.4%. This growth is attributed to increased sales of FMCG and Pharmaceuticals as well as Food Manufacturing and Distribution.
- UAE: Revenue slightly declined by 0.5%.
- Qatar: Revenue increased by 16.3% as food distribution witnessed an improvement in the country.
- KSA: Revenue increased by 3.7%.
- Jordan: Revenue increased by 25.1% driven by the food services division and food distribution division.
- Iraq: Revenue increased by 19%.
(ENDS)