Thursday 29 February 2024

Mezzan Holding 2022 revenue up 4.1% to $830m

KUWAIT, March 22, 2023

Mezzan Holding, a leader in food, beverage, FMCG, and pharmaceutical products in the Gulf, has reported a revenue of KD255.2 million ($830 million) in 2022, up 4.1%, driven by the growth in its food manufacturing & distribution division.

The company posted an operating profit of KD1.53 million during the year, down 86.3% from the previous year. EBITDA was KD11.6 million, down 46.9% from 2021.

The group recorded a net loss of KD1.96 million, down 123.3% as a result of lower gross profit and the booking of a provision for credit losses.

Foe the fourth quarter (Q4) of 2022, the company posted a revenue of KD60.6 million, up 12.5% from Q4 2021 and operating profit of KD5.4 million, up 383%  from Q4 2021.

EBITDA reached KD8.5, up 280%  from Q4 2021, while net profit was recorded at KD4.55 million, up 513.8%  from Q4 2021.

Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: “Last year brought many challenges and crucial decisions for businesses. Inflation surged to unprecedented levels, global bottlenecks and shortages, and the impact of geopolitical tensions were globally felt. During the fourth quarter of 2022 we continued working diligently to drive growth and profitability, and we demonstrated those efforts are paying off.”

Mezzan Holding CEO, Garrett Walsh, said: “Mezzan delivered a year of strong topline growth in challenging macroeconomic conditions. Sales growth was 4.1% despite high input cost inflation. Led by strong performances from our Food Manufacturing & Distribution segment. Growth was broad-based across each of our six countries of operation.

“Our team delivered a great finish to the year with strong fourth quarter results that capitalized on the success of our concessionaire contract with FIFA during the World Cup in Qatar. However, our full year net profit was dampened by transitory provisions for credit losses and excise tax.” – TradeArabia News Service


More Miscellaneous Stories

calendarCalendar of Events