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, General & Administrative Best Betting Sites of 2024Expense (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 are pleased to announce best online betting sitesconsistently 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 Business Lines comprises Best Sports Betting Sitesthe 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)