- Management will hold an earnings call to discuss Q3 2023 results on Thursday November 9, 2023 at 2:00 pm Kuwait Time.
Kuwait, 8 November 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 Q3 2022.
Q3 2023 Financial Highlights:
- Revenue: KD 65.2 million, up by 7.6%.
- Operating Profit: KD 3.9 million, up by 152%.
- EBITDA: KD 6 million, up by 216%.
- Net Profit to Parent Company Shareholders: KD 2.2 million, up by 126%.
9M 2023 Financial Highlights:
- Revenue: KD 205.5 million, up 5.7%.
- Operating Profit: KD 13.4 million, up by 451%.
- EBITDA: KD 19.9 million, up 539%.
- Net Profit to Parent Company Shareholders: KD 8.1 million, up by 224%.
Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “Despite the evolving industry dynamics, Mezzan has delivered strong third quarter results. This performance speaks volumes about our resilient business model and the agility with which we’ve adapted to the changing environment. We will continue to closely monitor market sentiments and remain nimble, ensuring our strategies are aligned with the long-term interests of our shareholders”.
Mezzan Holding CEO, Garrett Walsh, said: “While current market dynamics remain challenging, Mezzan is fully committed to delivering top line growth and margin improvement. The effective management of product mix and channels is yielding results, and we remain focused on delivering long-term value for our shareholders and will continue to optimize our operations to sustain and build upon this momentum”.
9M 2023 Financial Performance Review:
- Food Business Line:
Total Revenue for the Food Business Line reached KD 134.3 million, an increase of 2.3% compared with the same period in 2022. The Food Business Line accounted for 65.3% of Group Revenue. The Business Line comprises the following three divisions: Manufacturing and Distribution (generating 52.9% of Group Revenue), Catering (generating 7.4% of Group Revenue), and Services (generating 5% of Group Revenue).
- Manufacturing and Distribution: revenue increased by 7.5%, benefiting from the good performance of the division in Kuwait.
- Catering: revenue declined by 26% majorly impacted by the drop in catering business in Kuwait, due to discontinuation of non-accretive contracts.
- Services: revenue increased by 7%.
- Non-Food Business Line:
Revenue reached KD 71.2 million, increased by 12.7% compared with the same period in 2022. The Non-Food Business Line accounted for 34.7% of Group Revenue. The Business Lines comprises the following divisions: FMCG and Healthcare business division (generating 32.3% of Group Revenue) and Industrials (generating 2.3% of Group Revenue).
- FMCG and Healthcare: revenue increased by 13.5%. The division’s performance improved after resuming supply to the Saudi market.
- Industrials: revenue grew by 2.5%.
Regional Business Highlights in 9M 2023:
- In Kuwait: revenue increased by 8.1%.
- In UAE: revenue decreased by 2.3%.
- In Qatar: revenue decreased by 3.5%.
- In KSA: revenue decreased by 4.3%.
- In Jordan: revenue increased by 18%.
- In Iraq: revenue increased by 1.5%.
(ENDS)