Mezzan Holding net profit dipped c5% Y-o-Y to KWD5.2 million as catering revenues fell due to the completion of long-term contracts in Kuwait, as well as new tax charges, following the listing of the company on the exchange. Revenue for the quarter rose c5% Y-o-Y to KWD55.7 million, the company’s highest to date as: i) food business revenue (c67% of total) inched up c3% Y-o-Y, as manufacturing (c48%) grew c6%, driven largely by Mezzan’s own brands and services (8%) increased 20%, but were offset by the catering business (11%), which fell 16%; and ii) the non-food business (33%) grew 11% as FMCG and Pharmaceuticals (30%) rose c13% and industrials (c3%) declined 3%. Management  noted that the quarter’s growth was largely in line with its expectation and was driven by broad based growth across segments and geographies, with the decline in catering anticipated. Full-year guidance of high single-digit/low double-digit revenue growth with some leverage on the net profit was reiterated, with management anticipating a stronger 2H, as new business comes on stream and the impact of the catering business is phased out. (Company disclosure)