KUWAIT-based Mezzan Holding KSCC, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the Gulf, reported KD7.3 million in net profit for Q2 2015, up 66.4% from Q2 2014, bringing its year to date earnings to KD12.8 million, representing a 45.5% increase from 2014's first half earnings. Revenue reached KD51.6 million, up 15.1% from Q2 2014. Group revenue in H1 2015 climbed 12.8% to KD104.5 million, up 12.8% from a year ago period, while net profit surged KD12.8 million, up 45.5% in the period covered. The earnings for the second quarter include a previously announced one-off net positive impact, after impairment, of KD2.2 million from an insurance settlement paid to Mezzan Holding, thus lifting its year to date earnings from KD10.6 million to KD12.8 million. Mezzan Holding CEO Garry Walsh said: “We are pleased to report an increase of 10.1% in underlying profits for the second quarter and an increase of 14.8% in underlying profit for the first half of the year. The strong performance was the result of growth in all business divisions and a stronger retail market in the region this year due to Ramadan falling in the second quarter. The results were further enhanced this by an insurance settlement that was paid to Mezzan Holding, resulting in a net positive impact, after impairment, of KD2.2 million on our net profit, which lifted our net profit growth to 66.4% for Q2 and 45.5% for the first half. Going forward, we are optimistic about the prospects of growth in market demand throughout the year.” We are also continuing to pursue our investment program to improve and ensure the quality of our products to continue meeting our customers' needs while maximizing shareholder value.” Mezzan Holding was listed on the Kuwait Stock Exchange on June 11, 2015 and today's announcement is the company's first earnings announcement as a public company. Mezzan Holding incorporates 29 subsidiaries and is operationally structured into two primary business lines, the Food Business Line and the Non-Food Business Line. The company operates in seven countries through one or more business activities, including food manufacturing and distribution, large-scale contract catering, food services, FMCG manufacturing and distribution, and industrials. — SG
