Mezzan Holding 9-month net profit edges lower

Dubai: Mezzan Holding’s year-to-date underlying net profit stood at 13.5 million Kuwaiti Dinars, representing a subtle decline of 0.7 per cent from the same period last year.

Mezzan Holding’s third quarter revenue was up 3 per cent as it stood at 47.7 million Kuwaiti Dinars, bringing the total revenue for the first three quarters of the year to 156.2 million dinars, an increase of 3.6 per cent over the same period last year.

The Company’s overall performance in third quarter comes in line with management expectations given prevailing challenging macroeconomic environment in some of the markets in which the company operates. Financial results for the 9-month period ended 30 September 2016 were supported by growth in revenues of Food manufacturing & distribution segment by 7.3 per cent on the back of increased production and new business.