DOHA: Baladna has achieved a remarkable revenue growth of 23 percent and an outstanding net profit growth of 141 percent for the three months period ended on March 31, 2024, the company said on Wednesday.
Qatar's largest locally-owned food and dairy producer, Baladna registered QR313mn in revenues in Q1 2024, achieving a 23 percent growth of QR 254mn in Q1 2023.
The company’s net profit grew considerably in Q1 2024 with QR 48mn. It was a 141 percent growth on Q1 2023 figures of QR20mn.
During the fourth quarter of 2023, Baladna achieved a revenue of QR284mn and a net profit of QR45mn. That represented revenue growth of 3 percent and net profit growth of 80 percent compared to the same quarter of the previous year.
Baladna is continuously assessing opportunities to enhance its product mix by developing and introducing new, innovative products and strategically optimizing its product portfolio.
During last year, Baladna managed to introduce several new SKUs to the market including Evaporated Milk and Sterilized Cream which were historically imported to the country. Furthermore, Baladna launched its first domestic production of an international brand and produces spreadable cheese for Bel Group under the brand names La Vache Qui Rit and Jibnet Abu Al Walad.
Driven by a commitment to operational efficiency and a firm control of overhead costs, Baladna’s management 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 its value chain.
Baladna QPSC, the leading dairy and juice company in Qatar, disclosed its quarterly results for the three months period ended on 31st March 2024 (Q1 2024). Baladna reported robust growth in revenue and net profit compared to the corresponding period last year. Baladna is strategically refining its product portfolio while actively exploring opportunities to innovate and introduce new offerings. Notable developments in the quarter include the production of evaporated milk to bolster the country’s food security, the launch of Mango Greek Yogurt, Breakfast Cream Lite, and the relaunch of Juices with improved flavours and a new look aimed at enhancing the consumer experience. These initiatives underscore Baladna’s commitment to delivering quality products and meeting evolving consumer preferences. With regards to international expansion, Baladna is making significant progress on its upcoming project in Algeria. This venture focuses on establishing large-scale milk production facilities, with the aim of creating substantial shareholder value and representing a significant milestone in Baladna’s global growth strategy. Driven by a commitment to operational efficiency and stringent controls on overhead costs, Baladna’s management continues to underscore its primary focus on fortifying Qatar’s food security and self-sufficiency.
