Mezzan Holding KSCC, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf, has registered a net profit of KD19.4 million ($64.9 million) in 2015, up 31.8 per cent over the previous year.

The Kuwait-based company also said that its full year revenue rose 7.5 per cent to KD196.1 million ($656.5 million) over 2014, said a statement from the company.

Garry Walsh, CEO, Mezzan Holding, said: “We are very pleased with our performance in 2015. We saw broad based growth across our food and non-food businesses and we continued to invest behind our brands and distribution, running our first ever above-the-line campaigns for the Al Wazzan brand in Kuwait, and for Khazan and Kettle Chips brands in UAE.”

“We are pleased with the distribution gains we made in 2015 across many of the categories we compete in, while our FY Gross Margin expanded by 0.6pps as we continued to manage the mix of our portfolio,” he said.

“I would like thank the board for their wise counsel, and to acknowledge the hard work of the management and staff who continue to deliver on our potential. It is a genuine pleasure to work with such a dedicated group of people,” he added.

The company also announced the resignation of the chairman of the board of directors, Khaled Jassim Mohammad Al Wazzan, for health reasons.

Motasem Jassim Al Wazzan will serve as interim chairman until the appointment of a new member and a successor by shareholders at the upcoming annual general meeting, it stated. – TradeArabia News Service