Baladna Company Q.P.S.C., a leader in the food industries sector and one of the pillars of food security in the State of Qatar, announced its financial results for the nine months ending September 30, 2026, achieving a flexible performance that reflects the strength of its basic operations. Despite regional geopolitical developments and fluctuations in global markets, Baladna maintained the continuity of local production and the regular supply of its products to consumers, relying on a strategic stock that covers production needs for about six months. The company also made additional progress in its major international projects in Algeria and Syria, and the third quarter witnessed the successful completion of the rights issue, strengthening its capital base to support the next phase of growth.
Most notable results and achievements
Revenues increased by 4% to QAR 977.8 million, and total profits grew by 18%, while profits from core operations increased by 10%.
Unrealized gains from changes in the fair value of equity investments amounted to QAR 234.4 million during the nine months.
The Board of Directors proposed distributing interim dividends for the period ending on June 30, 2026, in addition to a portion of retained profits as of December 31, 2025, in the form of bonus shares at the rate of three shares for every twenty outstanding shares, subject to the approval of the Ordinary General Assembly, and the completion of the necessary approvals and procedures with the competent authorities.
Completing the 25% capital increase through the issuance of 535,996,240 new shares via priority rights, with 100% coverage of the offered shares, which strengthened the capital base to support growth.
The development of the Algeria project continues, with preparations continuing to receive the first batch of cows as part of the herd formation program and the completion of production facilities.
Progress in establishing a dairy, juice and packaging production project in Syria.
Most notable financial results: flexibility of core operations and strong cash flows
Baladna performed well during the nine months ending September 30, 2026, reflecting the strength and resilience of its core operations. Revenues reached QAR 977.8 million, an annual increase of 4%, mainly driven by retail sales growth. Disciplined cost management contributed to an 18% increase in total profits to QAR 281.0 million, with gross profit margin rising to 29% compared to 25% during the previous year. Operating profits, excluding investment income, also increased by 10%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by about 1% to 559.9 million Qatari riyals, and net profit increased by about 1% to 383.7 million Qatari riyals, compared to the same period in 2025. The nine-month results included unrealized gains resulting from the change in the fair value of investments in shares, amounting to 234.4 million Qatari riyals.
During the third quarter, revenues rose 7% to QAR 318.3 million, supported by increased dairy and juice sales. Earnings before interest, taxes, depreciation and amortization amounted to 82.3 million Qatari riyals, while net profit amounted to 21.8 million Qatari riyals. The quarter’s results were affected by unrealized losses resulting from the change in the fair value of equity investments, amounting to about 20 million Qatari riyals in light of the fluctuations in global stock markets. This loss resulting from the change in the fair value is non-monetary and does not affect the company’s basic operations. Management continues to have confidence in the long-term value of its investment portfolio, and expects its performance to improve as market conditions stabilize.
Our country’s operational flexibility was based on its large strategic reserve, built through advance planning, its integrated farm-to-outlet business model, diversified supply sources and strong supplier relationships. These components helped ensure continuity of production and regular supplies despite regional geopolitical developments and disruptions in global supply chains, without the need to resort to urgent, high-cost imports, while disciplined cost management contributed to improving profitability margins.
The completion of the IPO reflects shareholder confidence
The success of the capital increase through the issuance of 535,996,240 new shares through priority rights was one of the highlights of the third quarter, as coverage of the offered shares was completed by 100% after the sale of all unsubscribed shares, amounting to 120,507,405 shares, and trading of the new shares began on the Qatar Stock Exchange on September 8, 2026, coinciding with the trading bell ceremony.
The rights issue contributed to an increase in Baladna’s issued and paid-up capital by 25%, from 2,143,984,962 Qatari riyals to 2,679,981,202 Qatari riyals, which strengthened the company’s capital base and financial position. This increase gives our country greater financial flexibility to continue investing in its operations within Qatar, advance international expansion projects, and implement the next phase of sustainable growth while maintaining a balanced capital structure.
Advancing new projects in Algeria and Syria and building long-term growth platforms
In Algeria, preparations continued to receive the first batch of cows, in preparation for implementing the targeted herd recruitment program, in parallel with the completion of infrastructure and production facilities. This step falls within the project development program, and according to the work plans, milk production will begin after the completion of the relevant facilities and operational requirements. As part of the development work, the construction of 59 water wells was completed, 32 irrigation pivots entered service, about 420 hectares were planted, and construction work on dairy farms and manufacturing facilities began.
In Syria, construction, engineering and procurement work has progressed on the integrated facility for dairy, juice and packaging production in the Adra Industrial City, representing our country’s entry into a promising market.
Qatar: Innovation and product portfolio growth
Baladna continued to strengthen its position in the Qatari market through an innovation program that expands its product portfolio towards higher value-added categories, including health, nutrition and premium products. The new products included Skyr yogurt, which is rich in protein, the kefir drink containing probiotics, and the “Active” sports drink, to meet the growing demand for products suitable for healthy and active lifestyles. The company has also expanded its on-the-go consumption options with the launch of new flavors of drinkable Greek yogurt.
In the premium products category, Baladna launched a new range of ice cream and luxury Greek sweets under the “Delights” brand, opening new opportunities for consumption. Together, these products contribute to strengthening our country’s position in the premium categories, diversifying its revenue sources and supporting growth in value-added products.
Baladna’s core business is also benefiting from stable and recurring demand, as the renewal of the government supply contract for evaporated milk continues to provide greater visibility into a portion of the company’s sales volumes in the long term.
Proposed interim dividend distribution:
The Board of Directors proposed distributing interim dividends for the financial period ending on June 30, 2026, in addition to a portion of the balance of retained earnings as of December 31, 2025, with a total amount of 401,997,180 Qatari riyals, in the form of 401,997,180 bonus shares, with a nominal value of one Qatari riyal per share, at the rate of three bonus shares for every twenty outstanding shares, representing 15% of the capital. Current company.
Implementation of the proposal is subject to the Ordinary General Assembly’s approval of the distribution, the Extraordinary General Assembly’s approval of the capital increase and related amendments, and the completion of the necessary approvals and procedures with the competent authorities. If this is completed, the company’s issued and paid-up capital will increase from 2,679,981,202 Qatari riyals to 3,081,978,382 Qatari riyals.
Future Outlook: Building a regional leader in food security
During the next phase, Baladna will continue to strengthen its leading position in Qatar, in parallel with advancing its strategic projects in Algeria and Syria. The successful completion of the capital increase through priority rights provides additional financial flexibility to implement these priorities. Baladna also continues to evaluate investment opportunities in other African markets as part of its international expansion strategy, with a focus on expanding sustainable food production and creating long-term value for its shareholders.