- Company to hold an earnings call to discuss results on Monday, 13th of May 2024 at 2.00 PM Kuwait Time.
Kuwait, 13 May 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 quarter ended 31 March 2024.
Q1 2024 Financial Highlights:
– Revenue: KD 85.5 million, up 8.2%
– Operating Profit: KD 7.9 million, up 28.6%
– EBITDA: KD 10.1 million, up 21.7%
– Net Profit to Parent Company Shareholders: KD 5.7 million, up 33.9%
Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “Today, we announce strong results for Q1, driven by the successful performance of Mezzan Holding Group FY2023. The group’s business lines achieved strong growth levels aligned with our expectations, along with the successful operations across markets. We reaffirm our commitment to carefully selecting long-term investment opportunities that align with our growth trajectory, ensuring maximum shareholder value and strengthening Mezzan Group’s leading position in both local and regional markets.”
Mezzan Holding CEO for Food and FMCG, Amr Farghal, said: “The Q1 profits reflect Mezzan Holding Group’s strong performance despite market challenges. We are pleased with the strong growth seen in our group’s metrics, driven by our team in seizing growth opportunities and managing costs, which has improved our first-quarter metrics compared to last year.”
Q1 2024 Financial Performance Review:
- Food Business Line:
Total Revenue for the Food Business Line reached KD 52.5 million, an increase of 7% compared with Q1 2023. The Food Business Line accounted for 61.4% of Group Revenue. The Business Line comprises the following three divisions: Manufacturing and Distribution (generating 51% of Group Revenue), Catering (generating 5.6% of Group Revenue), and Services (generating 4.8% of Group Revenue).
- Manufacturing and Distribution: revenue increased by 8.4%.
- Catering: revenue decreased by 12.1%.
- Services: revenue increased by 22.5%.
- Non-Food Business Line:
Revenue reached KD 33 million, an increase of 10.2% compared with Q1 2023. The Non-Food Business Line accounted for 38.6% of Group Revenue. The Business Lines comprises the following divisions: FMCG and Pharmaceuticals business division (generating 36.6% of Group Revenue) and Industrials (generating 2% of Group Revenue).
- FMCG and Pharmaceuticals: revenue increased by 11.5%.
- Industrials: revenue decreased by 8.7%.
Regional Business Highlights in Q1 2024:
- In Kuwait: revenue increased by 9.9%
- In UAE: revenue increased by 5.8%
- In Qatar: revenue decreased by 19.3%
- In KSA: revenue increased by 5.3%
- In Jordan: revenue increased by 39.3%
- In Iraq: revenue increased by 13.6%
(ENDS)