Kuwait – Mubasher: Mezzan Holding on Sunday reported its financial results for the fourth quarter of 2016 and the full-year 2016, saying that the latter was in line with its expectations.

Net profits attributable to shareholders of the parent company amounted to KWD 4.0 million in Q4-16, up 23.1% year-on-year, while revenue increased 12.9% to KWD 51.2 million during the period, according to a statement.

Meanwhile, profits recorded for the full year 2016 stood at KWD 17.1 million, registering a decline of 11.6% from figures recorded in 2015, the Gulf FMCG revealed.

The annual profit decline reflects a one-off non-recurring gain of KD2.2 million from net insurance proceeds recorded in Q2-15, Mezzan stated.

On the other hand, revenue for 2016 grew 5.8% to KWD 207.4 million, while total assets increased 17.4% to KWD 211.7 million in 2016.

Mezzan’s board recommended a cash dividend of 28 fils per share to shareholders, representing a payout ration of 50.7%, with total dividends amounting to KWD 8.717 million, the statement showed.

Commenting on the results, the company’s vice chairman Jassim Al Wazzan said: “We are pleased to report that the company has recorded record revenues in 2016 and a strong fourth quarter despite the predominant macro-environment challenges in our markets.”

In 2016, Mezzan had “top-line growth in five of the seven markets” in which it operates, including Kuwait, Qatar, Jordan, and its newest market Saudi Arabia.