- Shareholders approved the Board of Directors’ recommendation to distribute cash dividend of 25 fils per share
- A 25% increase in cash dividends compared to 2023, reaffirming the company’s commitment to delivering strong returns to shareholders.
- Al-Wazzan: “Securing global rights to the iconic Crystal Hot Sauce among Mezzan’s key 2024 milestones”
- Al-Wazzan: “Cross-team collaboration delivered strong results that reinforced Mezzan’s market position”
- Company continues development of Kuwait’s first sterile pharmaceutical manufacturing facility
Kuwait, April 22, 2025 — Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf, held its 24th Annual General Meeting (AGM) of Shareholders on Tuesday, April 22, 2025, in Kuwait. Shareholders approved all agenda items including the Board of Directors’ recommendation to distribute cash dividends of 25% of the nominal value of the share (25 fils per share) for the fiscal year ended on December 31, 2024. This represents a 25% increase in cash dividends compared to 2023 and reaffirms the company’s commitment to delivering strong returns to shareholders.
In his remarks at the General Assembly, Mr. Mohammad Jassim Al-Wazzan, Vice Chairman of Mezzan Holding, expressed pride in the company’s achievements throughout 2024. He noted that Mezzan maintained its leadership position in the food and healthcare sectors, continued to deliver value to its shareholders, and played an active role in supporting economic and social development in Kuwait and across the Gulf region.
Al-Wazzan highlighted that 2024 marked a year of major milestones for the Group, most notably Mezzan’s success in securing the global rights from Baumer Foods Inc. (USA) to manufacture, sell, and distribute the iconic Crystal Hot Sauce product line in all markets outside North and South America. This step aligns with the Group’s strategy to expand its product portfolio, introduce innovative offerings across key markets, and restore profitability momentum in its core operating sectors.
He reaffirmed Mezzan’s commitment to strong governance and sustainable value creation for all stakeholders. As part of this commitment, the Group voluntarily expanded its Board of Directors from five to seven members in 2024 to bring in global expertise and further strengthen its corporate governance for the long term. Al-Wazzan noted that close collaboration across teams had led to solid results and reinforced Mezzan’s position both locally and regionally.
Future Outlook
Looking ahead, Al-Wazzan said that Mezzan will continue to lead initiatives that enhance business profitability and market position. In 2025, the Group will focus on expanding product availability and distribution across the GCC and other strategic markets, strengthening brand equity through targeted marketing, consumer engagement, and innovation-led product development. This will be supported by portfolio optimization efforts aimed at balancing high-margin products with high-volume lines to ensure long-term profitability.
Al-Shifa Pharmaceuticals: Advancing Kuwait’s Pharma Industry
Kuwait Saudi Pharmaceutical Industries Company (KSPICO), a Mezzan Holding subsidiary, is currently developing Kuwait’s first sterile pharmaceutical manufacturing facility — a major step forward for the country’s pharma industry. Spanning 17,000 square meters, the advanced facility will house liquid vial and lyophilized vial lines, ampoule lines, an R&D center, and dedicated sterile eye drop production areas. The project is set for completion in 2027 and will be equipped with state-of-the-art European filling technologies, positioning Kuwait as a regional player in pharmaceutical manufacturing.
Al-Wazzan concluded his remarks by thanking the executive team and all employees for their dedication, as well as the company’s shareholders and Board members for their continued trust and support. He also expressed his deep appreciation to Kuwait’s regulatory authorities for fostering a business-friendly environment and supporting the food and healthcare sectors. He reaffirmed Mezzan Holding’s commitment to contributing to the region’s economic development in line with national aspirations for a more prosperous future.
Board of Directors Election
During the AGM, Mezzan Holding shareholders elected seven members to the Board of Directors for a three-year term. The elected members are:
- Moutasem Jassim Mohammed Al Wazzan – Director
- Mohammed Jassim Mohammed Al Wazzan – Director
- Abdulrahman Jassim Al Wazzan – Director
- Fatima Investment Company – Director
- Dhiraj Oberoi – Director
- Ahmed Hamad Al Joaan – Independent Director
- Basil Abdulhamid Al-Salem – Independent Director
FY 2024 Financial Highlights:
- Revenue: KD 286.1 million, up by 5.5%.
- Operating Profit KD 22.5 million, up by 19.0%.
- EBITDA: KD 31.5 million, up by 12.9%.
- Net Profit: KD 15.5 million, up by 21.8%