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Net Profit to Parent Company Shareholders up 6.8%

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The company recorded KD73.4 million in revenue, driven by its food manufacturing and distribution, fast-moving consumer goods and healthcare as well as Mezzan’s industrial segment. Earnings Before Interest, Tax, and Depreciation and Amortization (EBITDA) grew by 1% due to the reduction in Selling, Top Online Sports Betting SitesGeneral & Administrative Expense (SG&A). Mezzan’s Q1 2021 Net Profit to Parent Company Shareholders grew by 6.8% compared to Q1 2020, as a result of improved operating results.

Q1 2021 Financial Highlights:

  • Revenue: KD73.4 million, down 1.4%
  • Operating Profit: KD6.4 million, up 0.9%
  • EBITDA: KD8.7 million, up 1.0%
  • Net Profit to Parent Company Shareholders: KD5.0 million, up 6.8%

Commenting on the results, Mezzan Holding Executive Vice Chairman Mohammad Jassim Al Wazzan, said: “I am proud to announce that Mezzan has started 2021 strong, with an increase of 6.8% in net profit to parent company shareholders during our first quarter compared to the same period last year. Despite the challenges that we continue to encounter as a result of the Covid-19 pandemic, Mezzan managed to increase profitability, generating an operating profit of KD6.4 million, an increase of 0.9% compared to the first quarter of 2020. These results are a proof to Mezzan’s robust, defensive business model.”

Mezzan Holding CEO, Garrett Walsh, commented: “We Best Sports Betting Sitesare pleased to announce consistently strong quarterly profits since the beginning of Covid-19 pandemic, while maintaining a steady financial position, stable asset quality metrics and strong capitalization.”

Q1 2021 Financial Performance Review:

Food Business Line:

Total Revenue for the Food Business Line reached KD44.6 million, a decrease of 3.6% compared with the same period in 2020. The Food Business Line accounted for 60.8% of Group Revenue. The Business Line comprises the following three divisions: Manufacturing and Distribution (generating 46.0% of Group Revenue), Catering (generating 10.0% of Group Revenue) and Services (generating 4.8% of Group Revenue).

  • Manufacturing and Distribution: Q1 2021 revenue increased by 2.0%.
  • Catering: Q1 2021 revenue decreased by 15.6%.
  • Services: Q1 2021 revenue decreased by 21.1%.

 

Non-Food Business Line:

Revenue reached KD28.8 million, an increase of 2.2% compared with the same period in 2020. The Non-Food Business Line accounted for 39.2% of Group Revenue. The Top Online Sports Betting SitesBusiness Lines comprises the following divisions: FMCG and Pharmaceuticals business division (generating 37.3% of Group Revenue) and Industrials (generating 1.9% of Group Revenue).2w

  • FMCG and Pharmaceuticals: Q1 2021 revenue increased by 1.5% boosted by strong performance of KSPICO and pharmaceutical segment.
  • Industrials: Q1 2021 revenue increased by 19.1%.

 

Regional Business Highlights in Q1 2021:

  • In Kuwait: Q1 2021 revenue grew by 0.6% due to strong performance in FMCG and healthcare segment, as well as strong performance in Mezzan’s industrial segment.
  • In UAE: Q1 2021 revenue increased by 3.6% due to the increase in distribution activities.
  • In Qatar: Q1 2021 revenue decreased by 18.1% due to the decline of catering business line.
  • In KSA: Q1 2021 revenue increased by 15.6% as Mezzan continues to launch new products.
  • In Afghanistan: Q1 2021 revenue decreased by 57.3% due to the departure of U.S troops from the country.
  • In Jordan: Q1 2021 revenue increased by 16.5% due to improving Mezzan’s logistics operations.

(ENDS)