- Management will hold an earnings call to discuss Q3 2024 results on Monday November 11, 2024 at 2:00 pm Kuwait Time.
Kuwait, 10 November 2024: 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 2024.
Q3 2024 Financial Highlights:
- Revenue: KD 68.6 million, up by 5.2%.
- Operating Profit: KD 4.6 million, up by 19.7%.
- EBITDA: KD 6.8 million, up by 13.7%.
- Net Profit to Parent Company Shareholders: KD 2.7 million, up by 24.7%.
9M 2024 Financial Highlights:
- Revenue: KD 220.7 million, up 7.4%.
- Operating Profit: KD 17.2 million, up by 28.5%.
- EBITDA: KD 23.8 million, up 19.6%.
- Net Profit to Parent Company Shareholders: KD 11.2 million, up by 37.6%.
Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “Mezzan’s Q3 results once again reflect the strength of our team and the resilience of our diversified business model in the backdrop of a dynamic business environment across multiple geographies.”
Mezzan Holding CEO for Food and FMCG, Amr Farghal, said: “Over the past five quarters, we’ve seen steady growth across nearly all metrics, indicating a return to stability in many of our markets. The fluctuations experienced during the pandemic, followed by the swings of post-pandemic recovery and inflationary pressures, especially in supply chain constraints and pricing, are beginning to stabilize. While we anticipate further market normalization in the near future, we continue to closely monitor our supply chain.”
9M 2024 Revenue by Business Line:
- Food Business Line:
Total Revenue for the Food Business Line reached KD 143.9 million, an increase of 7.1% compared with the same period in 2023, accounting for 65.2% of the Group YTD Revenue. The Food Business Line comprises: Manufacturing and Distribution (generating 53.6% of Group Revenue), Catering (generating 5.8% of Group Revenue), and Services (generating 5.8% of Group Revenue).
- Manufacturing and Distribution: Revenue increased by 8.8%.
- Catering: Revenue declined by 16.8%.
- Services: Revenue increased by 25.1%.
- Non-Food Business Line:
Revenue reached KD 76.9 million, increased by 7.9% compared with the same period in 2023. The Non-Food Business Line accounted for 34.8% of Group Revenue. The Business Lines comprises the following divisions: FMCG and Healthcare business division (generating 32.9% of Group Revenue) and Industrials (generating 1.9% of Group Revenue).
- FMCG and Healthcare: revenue increased by 9.2%.
- Industrials: revenue declined by 10.3%.