Kuwait-based food and beverage firm Mezzan Holding is on the lookout for acquisitions to help sustain double-digit growth, according to its chief executive officer.
“We, like everybody else, would be actively on the lookout for the right bolt-on acquisitions,” Garry Walsh, told Bloomberg TV in an interview. “We’re obviously more skewed toward manufacturing – that has been our main driver over the last few years.”
Mezzan, one of the largest FMCG manufacturers and distributors in the Gulf, reported a 12 per cent jump in nine-month profit to KD10.3M ($34M). The company also operates in Iraq, Jordan and Afghanistan, and its shares have gained 22 per cent this year compared with a 13 per cent drop for the benchmark Kuwait stock index.
“The rate of growth might be a bit slower next year as we see some population drain in the UAE and in Kuwait, and potentially in Qatar and Saudi as well,” said Walsh. “But Mezzan is well-positioned to return to pre-Covid rates of growth,” he continued.
