Kuwait: Mezzan Holding H1 net zooms 215% to $19.1mln

Kuwait: Mezzan Holding H1 net zooms 215% to $19.1mln

Mezzan Holding, one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf, has seen its first-half (H1) attributed net profit zoom 215% to KD5.9 million ($19.18 million).

Also, recovering from a net loss of KD1.1 million in Q2 2022, the company posted an attributable net profit of KD1.7 million in Q2 2023.

Revenues for H1 were at KD140.4 million, up by 4.8% and operating profit at KD9.5 million, shot up by 163.6%. EBITDA of KD13.9 million, was up by 67.7%.

Q2 revenues

In Q2 revenues at KD61.4 million were slightly down by 0.1% and operating profit of KD3.4 million was above expectations, recovering from an operating loss of KD0.3 million. EBITDA of KD5.6 million was up by 170%.

Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “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