Mezzan Holding Company Kscc · KSE:MEZZAN
Mezzan Holding Company Kscc — Mezzan Holding Company — Q1 2023 Earnings Presentation
17 slides from Mezzan Holding Company Kscc's earnings presentation, May 8, 2023
Slide 1: Q1 2023 Earnings Presentation
Q1 2023 Earnings Presentation May 8, 2023 1
Slide 2: Disclaimer
Disclaimer This con dential document is provided for informational purposes only. THE INFORMATION SET OUT IN THIS PRESENTATION AND PROVIDED IN THE DISCUSSION SUBSEQUENT THERETO DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES IN ANY JURISDICTION. IT IS SOLELY FOR US
Slide 3: Agenda
Agenda Tailwinds & Headwinds Q1 2023 Highlights Results Financial Review Q&A 3
Slide 4: Mezzan Today: Tailwinds
Mezzan Today: Tailwinds ➜ ➜ ➜ Effective credit collection and management of receivables. ➜ New Products Launch, allowed Mezzan to capitalize on market opportunities. ➜ ➜➜ KITCO in Jordan continues to improve its performance and gain a more substantial presence in the market. ➜➜ ➜ ➜ 4
Slide 5: Mezzan Today: Headwinds
➜ ➜ Mezzan Today: Headwinds ➜➜ Inflation remains a challenging factor. ➜ Price caps continue to pose significant challenges. Staff turnover. ➜ ➜ ➜ ➜ ➜ ➜ 5
Slide 6: Mezzan Today: Q1 Earnings Highlights
Mezzan Today: Q1 Earnings Highlights KD Millions Q1 EBITDA (2020-2023) % Diff KD Millions Q1'23 Q1’22 Revenue 79.0 72.5 +8.9% 8.6 8.7 8.3 EBITDA 8.3 6.2 +33.8% 6.2 Net Income 4.6 3.1 +49.9% Net Pro t 4.3 2.9 +45.1% Attributable to Equity Holders of Parent Company 2020 2021 2022 2023 6 fi
Slide 7: Mezzan Today: Q1 Comparative Performance
Mezzan Today: Q1 Comparative Performance KD Millions Q1 Revenue Q1 Gross Profit Q1 Net Profit 79.0 5.0 74.4 16.6 16.2 16.5 73.4 72.5 4.6 14.6 4.3 2.9 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 7
Slide 8: Financial Review
Financial Review 8
Slide 9: Q1'23 Revenue: Contribution by Business Line
Q1'23 Revenue: Contribution by Business Line FOOD REVENUE +7% NON-FOOD REVENUE 12.2% Vs.Q1’22 Vs.Q1’22 62.0% Share of of total Group 38.0% Share of of total Group Revenue Revenue 9
Slide 10: Q1'23 Revenue: Growth by Business Division
Q1'23 Revenue: Growth by Business Division Vs.Q1’22 Manufacturing FOOD &Distribution 51% of Group revenue +11.2% +7.0% Catering 7% of Group revenue -19.1% +8.9% Services 4% of Group revenue +15.2% NON-FOOD FMCG & +12.2% Healthcare 35% of Group revenue +11.4% Industrials 2% of Group revenue +25.2% 10
Slide 11: Q1'23 Revenue: Contribution and Growth by Country
Q1'23 Revenue: Contribution and Growth by Country Top-line Contribution Vs.Q1’22 Kuwait UAE Qatar KSA Jordan Iraq 75.4% 11.0% 6.8% 2.6% 3% 0.7% +9.4% -0.5% +16.3% +3.7% +25.1% +19.0% 11
Slide 12: Q1'23: P&L
Q1'23: P&L KD Millions Q1'23 Q1’22 % Di Revenue 79.0 72.5 8.9% Gross Margin 16.5 14.6 13.0% GM % 20.9% 20.1% SG&A / Other -10.3 -10.7 3.3% Operating Pro t 6.1 3.9 57.6% Other -1.4 -0.7 -105.9% Underlying Pro t before Tax 4.8 3.2 47.7% Tax -0.2 -0.2 -6.5% Underlying Net Pro t 4.6 3.1 49.9% UNP % 5.8%
Slide 13: Q1'23: Cashflow
Q1'23: CASHFLOW KD Millions Q1'23 Q1’22 Di Operating Cash ow before WC changes 8.8 7.7 1.1 Working Capital / Other 2.5 -2.0 4.5 In 2023, in cash & cash equivalents increased by KWD 8.2mn mainly Operating Cash ow 11.2 5.7 5.6 driven by increase in cash generated from operations and lower capital Capi
Slide 14: Balance Sheet as of March 31, 2022
Balance Sheet as of March 31, 2022 KD Millions Total Assets Equity Net Debt Net Debt to Capitalization KD Millions KD Millions KD Millions % 276.9 277.5 277.4 123.4 73.0 38.0% 121.7 118.9 115.4 32.3% 32.6% 58.2 56.0 28.6% 267.6 49.5 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 2020 20
Slide 15: A note on debt levels
A note on debt levels KD Millions As of 31 March 2023: Net Debt stood at KWD 56mn, down by KWD 8.2mn from December 2022 levels, and by KWD 2.11mn from Q1 2022 - LTM Net Debt / EBITDA of 4.1x up by 1.1x vs Q1 2022 - QTR Net Debt / EBITDA of 6.7x down by 2.6x vs Q1 2022 5.5 4.3 4.0 4.0 4.1 4.1 3.8 3.1
Slide 16: Q&A
Q&A 16
Slide 17: Investor Relations Contact
Investor Relations Contact Omar Fouda Investor Relations Manager omar.fouda@mezzan.com 17
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