Gains in Kuwait, Jordan and Qatar have helped Mezzan Holding KSC increase revenue in the second quarter of 2016 by 2.4 percent, when compared to the same period in 2015.
The company is one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf region.
Mezzan Holding CEO, Garry Walsh, said: “We were pleased with our overall performance given some of the macro-economic challenges across the markets we operate in as we highlighted earlier in the year. Our consumer staple portfolio demonstrated its resilience in these market conditions, while new business, distribution gains, and market share gains in some of our key businesses in Kuwait, Jordan and Qatar added to the growth momentum.
We are also pleased to announce that we are making good progress on the creation of the our previously announced joint-venture in Saudi Arabia that will give Mezzan Holding access to the Gulf’s largest food and consumer market. We expect to finalize the transaction in four weeks.”
Back in June, the company announced that it is in talks with Saudi Arabia’s Al Faisaliah Group, a leading diversified business group, for the establishment of a joint venture in Saudi’s food manufacturing and distribution sector.
The joint venture will enable Mezzan Holding to manufacture, market and distribute food products in the Kingdom of Saudi Arabia, and award it exclusive rights to continue to manufacture, market and distribute Al Faisaliah Group’s bakery and snacks products line, as well as the exclusive rights to import, manufacture, sell and distribute all Mezzan Holding brands. The JV company will be headquartered in Riyadh, the capital of the Kingdom of Saudi Arabia.
Mezzan Holding is 70-year old company that was listed on Kuwait Stock Exchange in the second quarter of 2015. The company headquartered in Kuwait with direct operational activities in Kuwait, UAE, Qatar, Saudi Arabia, Iraq, Jordan and Afghanistan.
Read the August 2016 issue of Business Review Middle East magazine