Kuwait: Mezzan Holding Q1 2023 net soars 45.1% to $14.03mln

Kuwait: Mezzan Holding Q1 2023 net soars 45.1% to $14.03mln

Kuwait - Mezzan Holding, a leading manufacturer and distributor of food, beverage, FMCG, and pharmaceutical products in the Gulf, has seen its first-quarter net profit to parent company shareholders soar 45.1% to KD4.3 million ($14.03 million).

The company’s revenue increased 8.9% to KD79 million while its operating profit shot up 57.6% to KD6.1 million. EBITDA grew 33.8% to KD8.3 million, up 33.8%

Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “Financial performance improved this quarter, which is a testament to the hard work and dedication of our entire team across all geographies. Mezzan’s success in adapting to the evolving market conditions has contributed significantly to our success last quarter. We are proud of the achievements and remain committed to creating long-term value for our customers, shareholders, and employees.”

Road to recovery

Mezzan Holding CEO, Garrett Walsh, said: “The company’s Q1 earnings reflect stronger results in both our Food and Non-Food business lines despite the challenging market conditions. Mezzan’s metrics are clearly on the road to recovery. The team’s success in identifying growth opportunities in parallel to implementing robust cost controls were instrumental in improving Mezzan’s efficiency in the quarter.”

Food Business Line

Total Revenue for the Food Business Line reached KD49 million, an increase of