Baladna has achieved an increase of 7%in revenue in first half of 2023, totaling QR517 million, and experienced a marginal decline in net profit to QR42 million compared to the same period last year.
Baladna disclosed its H1 2023 financial results on Sunday, covering the six months period ending 30 June 2023.
For Q2 2023 specifically, the company’s revenue saw a 7% growth, hitting Q 262 million, marking an increase from QR245 million in Q2 2022. Concurrently, there was a modest rise of 3% in net profit, reaching QR22 million.
Decline in net profit compared to the same period last year is mainly attributed to the year- over-year increase in commodity prices and finance cost, due to inflation.
The company succeeded in gaining a larger market share across most of its product categories, a testimony to Baladna’s capacity to deliver high-quality products and its commitment to continue enhancing Qatar’s food security and self-sufficiency. In line with Baladna’s continuous efforts to increase efficiencies across the entire Company, Baladna is currently working towards a potential reduction in finance cost, which if successfully completed, is expected to have a positive impact on profitability margins and net profit in the second half of 2023.
Driven by a commitment to operational efficiency and a firm control on overhead costs, Baladna’s management is exploring new business growth opportunities, including potential international expansions and partnerships. As a part of this strategic initiative, Baladna now holds a 15% stake in Juhayna Food Industries, Egypt.
Even amid present challenges, Baladna continues to underscore its primary focus on fortifying Qatar’s food security and self-sufficiency.
The company remains resolute in its commitment to its shareholders, striving to create value through superior product delivery, broadening its product range, and emphasizing efficiency across all aspects of its value chain.
Tribune News Network