Shareholders approved the Board of Directors’ recommendation to distribute cash dividend of 20 fils per share
Shareholders elected Mr. Basel Abdulhameed AlSalem as a member of the board of directors for the current term 2022-2024
Kuwait, April 30, 2024 — Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf, held its 23rd Annual General Meeting (AGM) of Shareholders on Monday, April 29, 2024, in Kuwait. Shareholders approved the Board of Directors’ recommendation to distribute cash dividends of 20% of the nominal value of the share (20 fils per share) for the fiscal year ended on December 31, 2023.
Shareholders also elected Mr. Basel Abdulhameed AlSalem as an additional member of the board of directors for the current term 2022-2024. Mr. Al-Salem brings with him over 20 years of experience in entrepreneurship and leadership in the Gulf’s food sector.
Mezzan Holding Vice Chairman Mohammad Jassim Al Wazzan said: “Over the past year, Mezzan Holding has successfully navigated the challenges it encountered, turning obstacles into opportunities for growth, and achieving outstanding results. This success is a testament to the group’s resilience and its capacity to progress amid global challenges. We remain committed to our ongoing efforts to advance the company’s growth plans, while focusing on our core business lines which include food and non-food in consistent with the group strategy. Finally, I would like to express our appreciation to the company’s management and employees for their efforts throughout the year, as well as to the various regulatory authorities for their cooperation.”
FY 2023 Financial Highlights:
- Revenue: KWD 271.2 million, up 6.3%.
- Operating Profit KWD 18.9 million, up 1137.1% from the previous year.
- EBITDA: KWD 27.9 million, up 141.1% from the previous year.
- Net Profit to Parent Company Shareholders: The group recorded a net profit of KWD 11.5 million, up 15.5%.
- Shareholders’ Equity to Owners of Parent Company KWD 109.9 million, up 1%.
(ENDS)