Mezzan records $679m revenue
KUWAIT, 13 days ago
Mezzan Holding, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf, reported a revenue of KD207.4 million ($679.54 million) for 2016, a 5.8 per cent increase on 2015.
The company’s net profit for the year was KD17.2 million ($56.36 million) in line with expectations.
The fourth quarter revenue was KD51.2 million, up 12.9 per cent, compared to the same period in 2015.
Total assets of the company stood at KD211.7 million at the end of 2016, up 17.4 per cent compared to the previous year.
Mezzan Holding executive vice chairman Mohammad Jassim Al Wazzan, said: “We are pleased to report that the company has posted record revenues in 2016 and a strong fourth quarter despite the predominant macro-environment challenges in our markets. In 2016, company had top-line growth in five of the seven markets we operate, including Kuwait, Qatar, Jordan, and Saudi Arabia, our newest market.”
In the third quarter, the company entered the largest consumer market in the Gulf with acquisition of Saudi-based Al Safi Foods. The acquired company is currently undergoing a turn-around involving various business optimization initiatives and the introduction of new SKUs into the Saudi market, he said.
Mezzan Holding CEO Garry Walsh said: “Our diversified business once again proved its resilience and defensive nature in the face of economic challenges. The year was challenging for the consumer sector as a whole. However Mezzan’s business mix, diverse products portfolio, geographic spread and strong balance sheet successfully shield the company from adverse market conditions challenges. We are pleased with our results and we believe that Mezzan is well positioned for continued positive performance in 2017 and beyond.”
Mezzan Holding incorporates 30 subsidiaries and is operationally structured into two primary business lines: the Food Business Line and the Non-Food Business Line. – TradeArabia News Service