Mezzan Holding Reports Full-Year 2024 Results:
FY 2024 Highlights:Revenue: KD 286.1 million, up by 5.5%.Operating Profit: KD 22.5 million, up by 19.0%.EBITDA: KD 31.5 million, up by 12.9%.
Net Profit: KD 15.5 million, up by 21.8%
Mezzan Holding Vice Chairman, Mohammad Jassim Al Wazzan, said: 'Mezzan Holding's financial performance in 2024 reflects sustained momentum, with growth across all key metrics, a stronger balance sheet, and a steady increase in total assets over the past four years. The decline in net debt to capitalization further strengthens our financial position, providing greater flexibility to support our strategic growth both in Kuwait and internationally.'
Mezzan Holding CEO for Food and FMCG, Amr Farghal, said: 'With double-digit growth in 2024 in net profit and a record revenue achieved since IPO, the company today runs a strong and in-demand product portfolio across business lines, positioning it for sustained growth in the coming period.'
FY 2024 Financial Performance Review:● Food Business Line:Revenue stood at KD 187.2 million, reflecting an increase of 5% compared to 2023. The Food Business Line accounted for 65.4% of Group Revenue. The Business Line comprises the following three business divisions: Food Manufacturing and Distribution (generating 53.9% of Group Revenue), Catering (generating 5.9% of Group Revenue), and Services (generating 5.6% of Group Revenue):
Manufacturing and Distribution: revenue increased by 7.7%. Across the board, The Food Manufacturing and Distribution segment experienced notable growth, reflecting consumers' sustained loyalty to our brands and an expanded market presence.
Catering: Revenue declined by 19.7%, reflecting our strategic initiative to streamline the portfolio and focus on high-margin contracts.
Services: Revenue increased by 14.9%. Our Food Services segment continues to deliver strong performance, particularly in Jordan, driven by contracts with the World Food Program. These contracts support refugee camps in Jordan and facilitate food supply efforts into the Gaza Strip.
● Non-Food Business Line:
Revenue stood at KD 99 million, representing a growth of 6.5% compared to 2023 full-year revenue. The Non-Food Business Line accounted for 34.6% of Group Revenue. The Business Lines comprises the following divisions: FMCG and Healthcare business division (generating 32.5% of Group Revenue) and Industrials (generating 2.1% of Group Revenue).
FMCG and Healthcare: Revenue increased by 7.6%. Our FMCG and Healthcare segments delivered another year of strong performance, reflecting the continued growth of our pharmaceutical manufacturing business (KSPICO) and sustained momentum in our medical and healthcare distribution segments.
Industrials: Revenue declined by 9%, primarily due to a general slowdown in business activity within the oil lubricants and plastics industries.
FY 2024 Regional Business Highlights:
In Kuwait: Revenue increased by 6.2%. Kuwait excelled in Food Manufacturing & Distribution, with brands such as KITCO maintaining a market-leading position in the salty snacks category. Our legacy brand, Al-Wazzan, continues to lead in canned food and rice, while Khazan remains a key player in the protein category, driven by its commitment to quality and innovation. Additionally, our water business, Aqua Gulf, continues to hold a leading position and sustain growth momentum in Kuwait, further strengthening our portfolio. The FMCG & Healthcare divisions also delivered strong performance, primarily driven by our healthcare portfolio.
In UAE: Revenue grew by 8.7%. The UAE market experienced healthy growth, driven primarily by increased energy drink sales and strong performance in the agency brands business, particularly in premium bottled water, which saw a notable growth in 2024.
In Qatar: Revenue declined by 20.3%, primarily driven by the Catering segment in Qatar due to the portfolio pruning exercise we implemented to solely focus on margin-accretive contracts. This decline was partially offset by the strong performance and continued growth of our food and beverages business, which remains a key contributor to our market presence.
In KSA: Revenue declined by 10.9%; however, we remain confident in reigniting growth through a newly empowered team and enhanced local manufacturing and distribution capabilities. We are working towards making KSA one of our key strategic markets in the future.
In Jordan: Revenue increased by 32.5%. This growth was largely driven by the robust distribution of our salty snacks brand, KITCO, along with the expanding distribution of our premium range of fresh fruits and vegetables. The expansion of new accounts and a strengthened distribution network further accelerated this momentum. Additionally, the Food Services sector played a significant role in this growth, supported by our long-standing service contracts with the World Food Program.
© 2000 - 2025 Al Bawaba (www.albawaba.com)
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