Baladna has achieved revenue growth of 7% and net profit of QR42mn in the first half (H1) of 2023.
The enhanced revenue growth has been fuelled by effective management strategies to leverage favourable market dynamics.
However, net profit declined on an annualised basis due to increase in commodity prices and finance cost on account of inflation.
For the second quarter specifically, there was a modest rise of 3% in net profit, reaching QR22mn with solid growth in both the HORECA and retail channels, bolstering revenue expansion.
The company's overall market share was seen improving 1.1% to 51.4% in the review period.
Baladna is currently working towards a potential reduction in finance cost, which if successfully completed, is expected to have a "positive" impact on profit margins and net profit in the second half of 2023.
Driven by a commitment to operational efficiency and a firm control in overhead costs, Baladna 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 amidst present challenges, Baladna continues to underscore its primary focus on fortifying Qatar's self-sufficiency and food security.
The company remains resolute in its commitment to its shareholders, striving to create value through superior product delivery, broadening its product range and emphasising efficiency across all aspects of its value chain.
