Mezzan Holding Reports H1 2023 Financial Results

Management will hold an earnings call to discuss H1 2023 results on Monday August 7, 2023 at 2pm Kuwait Time.

Kuwait, 3 August 2023: Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf, today announced the company’s financial results for the first half ended 30 June 2023.

 

Q2 2023 Financial Highlights (Compared to Q2 2022):

  • Revenue: KD 61.4 million, slightly down by 0.1%
  • Operating Profit: KD 3.4 million, recovering from an operating loss of KD 0.3 million
  • EBITDA: KD 5.6 million, up by 170%.
  • Net Profit to Parent Company Shareholders: KD 1.7 million, recovering from a net loss of KD 1.1 million

 

H1 2023 Financial Highlights (Compared to H1 2022)::

  • Revenue: KD 140.4 million, up by 4.8%.
  • Operating Profit: KD 9.5 million, up by 163.6%.
  • EBITDA: KD 13.9 million, up by 67.7%.
  • Net Profit to Parent Company Shareholders: KD 5.9 million, up by 215%.

 

Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “We are delighted to announce another set of excellent results for Mezzan Holding. Our second quarter performance demonstrates the underlying strength of our business model at a time when our team is working through multiple cost pressures affecting our business.” 

Mezzan Holding CEO, Garrett Walsh, said: “While the current market conditions are still challenging, we saw strong performance in our business during the first half of 2023 and continue to be laser-focused on our growth strategy and on margin improvement journey. I am confident in our ability to capture the opportunities in front of us and create long-term value for customers, employees, and shareholders.”

 

H1 2023 Financial Performance Review:

  • Food Business Line:

Total Revenue for the Food Business Line reached KD 90.5 million, an increase of 2.2% compared with H1 2022. The Food Business Line accounted for 64.5% of Group Revenue. The Business Line comprises the following three divisions: Manufacturing and Distribution (generating 52.6% of Group Revenue), Catering (generating 7.2% of Group Revenue), and Services (generating 4.7% of Group Revenue).

  • Manufacturing and Distribution: revenue increased by 6.6%.
  • Catering: revenue decreased by 23.4%.
  • Services: revenue increased by 8.2%.

 

  • Non-Food Business Line:

Revenue reached KD 49.9 million, an increase of 9.7% compared with H1 2022. The Non-Food Business Line accounted for 35.5% of Group Revenue. The Business Lines comprises the following divisions: FMCG and Healthcare business division (generating 33.2% of Group Revenue) and Industrials (generating 2.3% of Group Revenue).

  • FMCG and Healthcare: revenue increased by 10.3%.
  • Industrials: revenue increased by 2.2%.

 

Regional Business Highlights in H1 2023:

  • In Kuwait: revenue increased by 6%.
  • In UAE: revenue decreased by 4.6%.
  • In Qatar: revenue increased by 7.2%.
  • In KSA: revenue decreased by 1.9%.
  • In Jordan: revenue increased by 18.3%.
  • In Iraq: revenue increased by 3.1%. 

 

 (ENDS)