Mezzan Holding, a leading manufacturer and distributor of food, beverage, FMCG and pharmaceutical products in the Gulf, has reported a 5.6 per cent jump in its revenue for the third quarter which soared to KD46.3 million ($152 million).

Announcing the results, Mezzan said its year to date revenue hit KD150.8 million ($494.4 million), up 10.5 per cent over the same period last year.

CEO Garry Walsh, pointed out that the third quarter performance was in line with the company's expectations, where the movement of the Eid holiday from October 2014 to September 2015 was a drag on revenue growth, particularly in its FMCG business.

"We were pleased to deliver gross margin expansion from last quarter, as we had anticipated, and stronger gross margin than Q3 2014 with most businesses making a positive contribution. We also continued to invest behind our brands and distribution, as we increased our spending in marketing, running our first ever above-the-line campaigns for the Al Wazzan brand in Kuwait, and for Khazan and Kitco Kettle Chips in UAE," stated Walsh.

"We lapped some one-time benefits recorded in Q3 2014 (pre-listing), which had a negative impact on net profit growth ratio in the quarter vs. 2014. Despite this, our 9-month performance is in line with expectations with revenue growth of 10.5 per cent and underlying profit growth of 16.5 per cent. We also saw improvement in our Working Capital Days and a reduction in Net Debt vs. Q3 2014," he noted.

"Our Full Year outlook continues to be High Single Digit / Low Double Digit Revenue growth with some leverage on the net profit line, which is in line with the targets we set at the beginning of the year. We will continue to invest prudently in our brands and infrastructure to ensure we deliver quality products to our customers and consumers, while continuing to maximize shareholder value,” he added.-TradeArabia News Service