Tuesday 7 July 2020

Kuwaiti group Mezzan posts $205m Q1 revenue

KUWAIT CITY, May 11, 2019

Kuwait-based Mezzan Holding has recorded strong revenues for the first quarter which surged to hit KD62.6 million ($205.1 million) driven by solid performances in both its food and non-food segments. 
One of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf region, Mezzan said it had recorded positive revenue growth in each of its major areas of operations despite the numerous challenges still prevailing. 
Announcing the results for the first three months, Mezzan Holding said its net profit for the period rose to KD5.1 million ($17 million). 
Despite a very challenging 2018, Mezzan bounced back this quarter with all divisions recording strong revenue growth with the exception to catering, it stated. 
This is a testament to the Kuwaiti group's basket of defensive product categories that have shown strong resolve despite market turbulences. 
Mezzan has also recently invested heavily in bolstering its production capacities and warehousing infrastructure which have begun to support revenue growth and operational efficiency, it added.
Executive Vice Chairman Mohammad Jassim Al Wazzan said: "Results came in line with our expectations and we are glad to see our performance stabilize after a challenging year. We have full faith in our vision and strategy and with new capacities now online we are able to further the growth trajectory for Mezzan."
"We are also glad management was able to resolve overcoming the significant regional challenges that have recently hampered our performance, specifically in the UAE and Qatar. Both these territories along with all other major areas of our operations have shown favorable growth for the quarter and we look forward to repeating this trend going forward," he stated.
"Our strong balance sheet continues to allow us to look at new growth opportunities," he added.
CEO Garett Walsh said: "Mezzan Holding is focused on restoring performance in its operations and ensuring new production capacities are progressing in line with expectations. We had a very challenging 2018 but we hope this performance in Q1 continues going forward."
"Both food and non-food showed favourable growth, off a strong Q1 2018, on the back of restored regional performance and a strong showing from our newly inaugurated projects,” he added.-TradeArabia News Service


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