Baladna’s nine-month financial results show robust growth

ALGERIA – Qatari dairy giant Baladna has reported solid financial gains for the nine months ending September 30, 2024, marking year-on-year increases in revenue, net profit, and third-quarter earnings. 

The growth, driven by the company’s investments in Algeria and Egypt, a substantial Qatari government contract, and an expanded product portfolio, highlights Baladna’s ambition to strengthen its foothold across MENA’s dairy and beverage markets.

For the nine-month period, Baladna’s revenue climbed by 11% from QAR772.6 million (US$211.7 million) in 2023 to QAR859 million (US$235.5 million) in 2024. 

The company’s net profit more than doubled, surging by 118% from QAR64.6 million (US$17.7 million) to QAR141 million (US$38.6 million). 

Q3 2024 revenue alone increased by 3% year-on-year, reaching QAR264 million (US$72.4 million), building on H1 growth figures that saw revenues up 15% and net profit up 137% compared to 2023.

Expansions and new product lines

Baladna’s product innovation has played a key role in driving this financial momentum. Over the past year, the company ventured into high-protein and yogurt products, enhanced its Greek yogurt and cheese categories, and refreshed its juice and Awafi milk brands. 

The diversification has enabled Baladna to meet evolving consumer preferences and boost its market share.

Additionally, Baladna secured a QAR100 million (US$27.2 million) government contract to enhance Qatar’s food security, specifically targeting the evaporated milk segment. 

Under this agreement, Baladna will construct a new facility to meet increased demand, aligning with Qatar’s long-term goal of self-sufficiency in essential food products.

Ventures in Egypt and Algeria

In addition to local growth, Baladna has been expanding its footprint across North Africa. In October 2023, Baladna partnered with Egypt’s Suez Canal Authority in a US$1.5 billion investment to establish a large-scale dairy farm in the New Valley Governorate. 

This farm will house 20,000 cows, projected to produce 300 million liters of milk annually, positioning Baladna as a major player in Egypt’s dairy industry. The company further increased its stake in Egyptian FMCG leader Juhayna Food Industries to 15.03%, strengthening its influence in the Egyptian market.

In Algeria, Baladna’s partnership with the government is set to transform the local dairy landscape. The company will develop a 100,000-hectare farm in Djelfa, aiming to produce 336 million liters of milk annually, which could cover approximately 50% of Algeria’s milk demand. 

This investment aligns with Algeria’s goals for increased domestic milk production and reduced reliance on imports.