Mubasher: Mezzan Holding has reported a 7% year-on-year increase in net profit during the first six months of 2019, recording KWD 7.3 million ($23.99 million).
The company’s revenue grew by 5.1% to KWD 115 million in H1-19, compared to the year-ago period, according to a statement released on Tuesday.
“We are particularly glad to see the performance of our operations in the UAE improve, reversing a trend since 2018 driven by recovery in energy drinks segment as well as the results of recently introduced manufacturing lines of chips and snacks,” Mezzan Holding’s executive vice chairman, Mohammad Jassim Al Wazzan, commented.
Total Revenue of Mezzan’s food business recorded KWD 82.1 million from January 2019 to the end of June, while non-food business’ revenue amounted to KWD 32.9 million.
“We are glad to state that H1 witnessed revenue growth in all key markets including Food Manufacturing and Distribution, Food Services as well as Non-Food Fast Moving Consumer Goods sectors largely driven by projects which were launched since the beginning of the year,” CEO of Mezzan, Garett Walsh, said.
The Boursa Kuwait-listed company reported a 1.7% year-on-year increase in net profit during the first Kuwait Saudi Pharmaceutical Industriesquarter of 2019, recording KWD 5.1 million ($16.76 million).
