Mezzan Holding's revenue for H1 soars to $496m
KUWAIT CITY, 29 days ago
Mezzan Holding, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf, has announced solid results for the first half, netting a revenue of KD152.2 million ($496 million), up 8.4% over last year, while its net profit to parent company shareholders surged by 42.2% to hit KD8.5 million ($28 million).
Announcing the results for the six-month period ended June 30, 2024, Mezzan Holding said its operating profit surged by 32.1% to hit KD12.6 million, while its ebitda for the period rose to KD17 million.
On its Q2 performance, the Kuwaiti group said its revenue for the three-month period grew 8.6% to KD66.7 million, while its net profit to parent company shareholders rose to KD2.7 million.
There had been a 38.3% growth in its operating profit for the three-month period, rose 38.3% to KD4.7 million. Its ebitda for the period surged to hit KD6.8 million, up by 22.8%.
On the robust results, Vice Chairman Mohammad Jassim Al Wazzan said: "Mezzan Holding continues to deliver strong operating results across the board. The first half highlights the company’s resilience in adapting to business challenges, thanks to a diversified business model that emphasizes brand development and launching new products that resonate with consumers."
CEO for Food and FMCG Amr Farghal, pointed out that the frst half's operating results underscore the strong performance of its brands, which lead their categories in most of our operating markets.
"To sustain this growth, we will continue to expand our product offerings and explore adjacent categories, thereby strengthening our market presence," he added.-TradeArabia News Service
