*Total number of products to go up to 172 in next three months
*Baladna QPSC raising QR1.43bn by offering a 75% equity stake to the public in its IPO
*Company shares expected to be listed on the stock market on December 11 this year
*BFI currently supplies its products to several countries, including Oman and Iraq
*Cheese production to go up by 400% soon
*Opening of new facilities abroad under study
Qatar’s dairy production leader, Baladna Food Industries (BFI), is expecting to expand its product portfolio in the Qatari market, and is forecasting further revenue growth by the end of the year, according to a senior official.
Currently, the company has 115 products, ranging from dairy and cheese to fruit juices and beef, said Power International Holding Vice Chairman and BFI Co-Founder, Ramez al-Khayyat.
“After the completion of the new production lines for the third phase recently, the company started the process of launching 57 new products, and the process extends over the next three months, bringing the total number of products to 172.
“The company will develop its product list on an annual basis and will introduce new products to serve the Qatari market and other selected markets and provide them with the best products,” al-Khayyat told Gulf Times in an interview.
Only recently, al-Khayyat, together with other senior officials, announced the decision to raise as much as QR1.43bn by offering a 75% equity stake to the public in its Initial Public Offering (IPO), providing eligible investors the opportunity to invest in BFI through the new holding company Baladna QPSC.
Ramez...taking Baladna to new heights
The shares are being offered at QR1.01 each. The subscription period is open from October 27 to November 7. Baladna is expected to list on the Qatar Stock Exchange by the second week of December this year, it was reported earlier.
Also, BFI recently announced that it has seen its revenues scale up to QR36mn a month in the second quarter of 2019. Revenues grew from an average of QR18mn a month in 2018 to an average of QR25mn a month in Q1 2019.
Citing the company’s financial projections, al-Khayyat noted that the financial performance will improve with revenue growth expected to rise in 2019 compared to 2018.
“The company’s performance is expected to see increased revenue and dividend growth in subsequent years, according to the projections,” al-Khayyat explained.
“We actually enjoy an operation profit this year and next year,” he pointed out.
Asked about shares being made available for non-Qataris, al-Khayyat said: “The anticipated date for the shares to be listed on the stock market is December 11 this year. While only Qatari individuals and Corporates are eligible to subscribe to the IPO, all investors are entitled to buy shares on the secondary market of the Qatar Exchange.”
For its export market, al-Khayyat said BFI currently supplies its products to several countries, including Oman and Iraq.
“There is still a lot of room for growth, so we started exporting to different Arab countries and in East Asia. Our strategic plan calls for opening new facilities abroad.”
Al-Khayyat also said Baladna is expanding its cheese factory, which is getting ready by the end of this month “where we could expand capacity to 400% of what we have today.”
In the next six months, al-Khayyat said the company’s total number of cows is expected to continue to grow from the current 18,000, especially as the farm has an average new-born rate of 40 births per day.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Ihsan organises ‘2020 Olympics’ for the elderly
Qatar Post signs MoU to deliver textbooks for CCQ students
QU hosts foreign researchers
Al Sheehaniya Municipality made 11,198 inspection tours in 2019
Doha Bank launches loyalty programme
All-new 2020 Cadillac XT6 arrives in Qatar
Specialised team boosts patient care at Al Wakra Hospital
Minister: Centre will play strategic role in developing fisheries wealth of Qatar
Welcome party at Hamad Port for Indian coast guard vessel