Kuwait, 8 August 2024: Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf, announced the company’s financial results for the first half ended 30 June 2024.
Q2 2024 Financial Highlights:
- Revenue: KD 66.7 million, up by 8.6%.
- Operating Profit: KD 4.7, up by 38.3%.
- EBITDA: KD 6.8 million, up by 22.8%.
- Net Profit to Parent Company Shareholders: KD 2.7 million, up by 63.7%.
H1 2024 Financial Highlights:
- Revenue: KD 152.2 million, up by 8.4%.
- Operating Profit: KD 12.6, up by 32.1%.
- EBITDA: KD 17 million, up by 22.1%.
- Net Profit to Parent Company Shareholders: KD 8.5 million, up by 42.2%.
Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “Mezzan Holding continues to deliver strong operating results across the board. The first half of the year highlights the company’s resilience in adapting to business challenges, thanks to a diversified business model that emphasizes brand development and launching new products that resonate with consumers.”
Mezzan Holding CEO for Food and FMCG, Amr Farghal, said: “H1’s operating results underscore the strong performance of our brands, which lead their categories in most of our operating markets. To sustain this growth, we will continue to expand our product offerings and explore adjacent categories, thereby strengthening our market presence.”
H1 2024 Financial Performance Review:
Food Business Line:
Total Revenue for the Food Business Line reached KD 97.6 million, an increase of 7.8% compared with H1 2023. The Food Business Line accounted for 64.1% of Group Revenue. The Business Line comprises the following three divisions: Manufacturing and Distribution (generating 52.8% of Group Revenue), Catering (generating 5.8% of Group Revenue), and Services (generating 5.5% of Group Revenue).
- Manufacturing and Distribution: revenue increased by 8.8%.
- Catering: revenue decreased by 12%.
- Services: revenue increased by 25.8%.
Non-Food Business Line:
Revenue reached KD 54.6 million, an increase of 9.5% compared with H1 2023. The Non-Food Business Line accounted for 35.9% of Group Revenue. The Business Lines comprises the following divisions: FMCG and Pharmaceuticals business division (generating 33.9% of Group Revenue) and Industrials (generating 2% of Group Revenue).
- FMCG and Pharmaceuticals: revenue increased by 10.6%.
- Industrials: revenue decreased by 6.9%.
Regional Business Highlights in H1 2024:
- In Kuwait: revenue increased by 9.4%, reflecting solid performance of Food M&D and FMCG & Healthcare.
- In UAE: revenue increased by 8.4%, with steady growth driven by focused distribution of the energy drinks and bottled water portfolio.
- In Qatar: revenue decreased by 18.3%, due to customer portfolio optimization in catering.
- In KSA: revenue increased by 1.6%, reflecting positive momentum driving sequential improvement.
- In Jordan: revenue increased by 39.7%, attributed to expanded retail and venture business.
(ENDS)