Baladna (BLDN) Q4 2024 earnings summary

Executive summary

• Achieved record full-year revenue of QAR 1,145.2 million, up 8% year-over-year, with net profit rising 69% to QAR 185.3 million, driven by higher sales, operational efficiency, and market share gains.

• EBITDA rose 17% year-over-year to QAR 381 million, with margin improving to 33.3%, reflecting cost efficiency.

• Expanded product portfolio with 39 new SKUs, entered high-protein dairy segment, and secured a major government contract for evaporated milk.

• Advanced international expansion with a landmark USD 3.5 billion dairy project in Algeria and strategic partnerships in Egypt.

• Consolidated financial statements for 2024 were audited and present fairly in all material respects in accordance with IFRS.

Financial highlights

• Revenue: QAR 1,145.2m (+8% YoY); EBITDA: QAR 381m (+17% YoY, margin 33.3%); Net profit: QAR 185.3m (+69% YoY, margin 16.2%).

• Q4 2024 revenue was QAR 286 million (+1% YoY); Q4 net profit was QAR 44 million, down 2% YoY due to higher finance costs.

• Gross profit increased 35% YoY to QAR 260.3 million; operating profit up 36% to QAR 246 million.

• Free cash flow increased to QAR 251 million, up QAR 173 million from 2023, due to reduced capital expenditures.

• Basic and diluted EPS increased to QAR 0.097 from QAR 0.058 (+69% YoY).

Outlook and guidance

• Management expects sustained growth through market expansion, cost optimization, and continued product innovation.

• Ongoing international expansion, especially in Algeria, and further international projects planned.

• Focus on digital transformation, operational efficiency, and sustainability initiatives.

• Management assessed the Group as a going concern with sufficient resources for the foreseeable future.

• Proposed dividend distribution with 1 bonus share for every 19 shares, pending General Assembly approval.