Mubasher: Mezzan Holding’s shareholders have approved the board’s proposal to distribute a cash dividend of 16 fils share for the full fiscal year 2018, in addition to electing new board of directors for the coming three year during an annual general meeting (AGM) held on Sunday, 21 April.

Over the course of 2018, Mezzan continued to invest in capabilities, distributions, production, and storage capacities, despite the challenges it faced, according to a statement.

Mezzan also managed to generate flat revenues on the back of the company’s operations in Kuwait, mainly the food supply sector, food services, and fast-moving consumer goods.

“We completed the largest capital expenditure program which we commenced about two years ago, aiming at increasing production capacities and enhancing operational efficiencies, where we have invested KWD 26 million during 2017 and 2018 to spur future results,” Mohammed Jassim Al Wazzan, executive vice chairman stated.

Mezzan Holding’s profits fell 40.7% to KWD 7.7 million last year, while revenues levelled up 1.4% to KWD 207.5 million.

The company’s food business line edged up 0.7% to KWD 155.2 million, while the non-food business grew 3.7% to KWD 52.2 million in 2018.

“The General Assembly also approved the appointment of the office of the KPMG Safi Al Mutawa and Co. as External Auditor for 2019 and other items in the Agenda,” the statement concluded.