Kuwait – Mubasher: Kuwait’s foodstuff and beverage producer and distributor Mezzan Holding KSCC posted 7% growth in net profit for the fourth quarter of 2015 to KWD 3.3 million, up from KWD 3.1 million in the corresponding period a year earlier.
The company’s FY15 revenues also rose by 7.5% to KWD 196.1 million and net profit increased by 31.8% to KWD 19.4 million.
The board of directors proposed, in a meeting held today, the payout of cash dividends at 27.5 fils per share as well as the distribution of bonus shares at 5%.
Mezzan Holding CEO, Garry Walsh, said: “We saw broad based growth across our food and non-food businesses and we continued to invest behind our brands and distribution, running our first ever above-the-line campaigns for the Al Wazzan brand in Kuwait, and for Khazan and Kettle Chips brands in UAE. We are pleased with the distribution gains we made in 2015 across many of the categories we compete in, while our FY gross margin expanded by 0.6pps as we continued to manage the mix of our portfolio.”
The company also announced the resignation of Chairman Khaled Jassim Mohammad Al Wazzan, for health reasons. Motasem Jassim Al Wazzan will serve as interim Chairman until the appointment of a new member and a successor by shareholders at the upcoming AGM.
