Qatar: Baladna achieves 6% revenue growth to $70mln in Q1

Qatar: Baladna achieves 6% revenue growth to $70mln in Q1

Qatar - Baladna reported a revenue growth of QR254mn in Q1-2023, representing a 6% year-on-year growth from QR239mn.

The company achieved a QR20mn net profit in the first quarter of 2023 compared to QR26mn in the same period last year.

Baladna witnessed strong revenue growth in both HORECA and retail channels, driven by management initiatives to capitalise on improving market dynamics, as well as increased market share across the majority of product categories through an increase in sale volumes.

The company also optimised its product portfolio through the introduction of new products to the market and delisting lower performing products.

Restrictions on Baladna’s ability to increase selling prices to compensate the impact of increased costs continues to impact the company’s profit margins.

Baladna’s management is engaged in active discussions with the respective regulatory authorities to clarify the adverse effects of the macroeconomic environment on the company’s margins.

“Baladna is working closely with government agencies to offset the increased costs related to feed, packaging, and raw materials along with finance and other rising costs. We continue to focus on increasing sales, optimising our product portfolio and drive cost efficiencies to improve profitability,” said Baladna CEO Malcolm Jordan.

Baladna’s management continues to pursue strategic initiatives aimed at capitalising on