Kuwait-based Mezzan Holding has reported that its second quarter revenue increased to KD52.8 million ($175.01 million), representing a 2.4 per cent increase on the same period in 2015.

Mezzan Holding is one of the largest manufacturers and distributors of food, beverage, fast moving consumer good (FMCG) and pharmaceutical products in the Gulf.

The company said its year-to-date revenue increased to KD108.5 million, representing a 3.9 per cent growth over the same period in 2015.

Mezzan Holding CEO, Garry Walsh, said: “We were pleased with our overall performance given some of the macro-economic challenges across the markets we operate in as we highlighted earlier in the year.”

“Our consumer staple portfolio demonstrated its resilience in these market conditions, while new business, distribution gains, and market share gains in some of our key businesses in Kuwait, Jordan and Qatar added to the growth momentum,” he said.
 
“We are also pleased to announce that we are making good progress on the creation of the our previously announced joint-venture in Saudi Arabia that will give us access to the Gulf’s largest food and consumer market. We expect to finalise the transaction in four weeks,” he added.
 
In June, the company announced that it is in talks with Saudi Arabia’s Al Faisaliah Group, a leading diversified business group, for the establishment of a joint venture in Saudi’s food manufacturing and distribution sector, said a statement.
 
The joint venture will enable Mezzan Holding to manufacture, market and distribute food products in Saudi Arabia, and award it exclusive rights to continue to manufacture, market and distribute Al Faisaliah Group’s bakery and snacks products line, as well as the exclusive rights to import, manufacture, sell and distribute all Mezzan Holding brands. The joint venture company will be headquartered in Riyadh, it stated. – TradeArabia News Service