Baladna Company (Q.S.C.), the leading company in the dairy and juice sector in Qatar, announced its financial results for the three-month period ending on March 31, 2026. The company achieved strong profits during this quarter, supported by efficient operational processes and disciplined cost management. Emphasizing its strategic role in supporting the food security of the State of Qatar, Baladna maintained the stability of its operations in all its basic activities, ensuring the continued supply of high-quality, locally manufactured dairy products and juices to the local market. The integrated operating model and proactive planning across the value chain enabled it to effectively deal with external variables, while also improving performance from seasonal demand during the holy month of Ramadan.
Highlights of financial results
Revenues for the quarter amounted to QAR 329.9 million, remaining generally in line with the previous year. Performance during this period was supported by strong seasonal demand associated with Ramadan, coupled with revenue growth in the core dairy segments.
Gross profit increased by 22% year-on-year to reach QAR 106.3 million, with margins improving to 32% compared to 26% in the same period last year. This improvement is due to the efficiency of operational processes, including improved milk productivity and overall cost optimization within farm and production operations.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 4% to reach QAR 118.9 million, with margins improving to 36.1% from 34.6% in the same period of the previous year, supported by operational improvements and cost discipline across the company’s activities.
Net profit increased by 6% to reach 61.5 million Qatari riyals, with a profit margin of 18.6% compared to 17.6% in the same period last year.
Main operational activities
Baladna has maintained stable operations across farms, production and distribution activities, demonstrating its ability to operate effectively in a rapidly evolving external environment. The company has once again ensured food security for the State of Qatar, strengthening its position as one of the most resilient food and beverage companies in the region. The company has proven its strength and resilience in successfully navigating volatile periods, such as the current geopolitical tensions, supply chain disruptions in the Red Sea, and the COVID-19 pandemic.
Recently, the company received the Minister of Municipality at its facilities, where Baladna’s role in supporting Qatar’s food security and maintaining continuity of supplies was praised. Baladna continues to prioritize continuity of supply within the local market, supported by proactive planning of key inputs and coordination across its value chain. The company also continues to actively monitor and respond to regional developments through structural planning across its procurement, inventory and supply chain operations.
Highlights of sales and marketing
The company maintained its leadership position in the Qatari market and expanded its product range to 268 products (SKU), introducing 16 new products across various categories, including flavored yogurt, protein drinks, powdered milk, and flavored kefir during the quarter. The customer base increased to 3,821 customers, while the number of sales lines reached 149, compared to 3,631 customers and 147 sales routes in the first quarter of 2025, respectively. In parallel, the company has begun steps to enhance sustainability across its operations, including introducing zero-emission means of transportation within its logistics network.
Strategic highlights
Baladna continued to move forward with its international projects during this quarter, with continued development across key markets and ongoing communication with stakeholders globally on food security and agricultural development.
Baladna Company in Algeria achieved a major milestone in the implementation of its project by signing contracts for the second phase, worth more than 635 million US dollars, and launching an air bridge program to transport milk cows from the United States. Scheduled to begin in November 2026, this program will support the gradual importation of 30,000 heads of high-quality dairy cows over ten months, representing a critical step towards herd building and operational readiness.
The second phase includes the expansion of construction and infrastructure activities across farms and supporting facilities, moving the project from foundation works to a large-scale implementation phase, and enhancing progress towards achieving local production of milk powder in Algeria.
The development of the integrated agricultural industrial project has achieved remarkable progress in several areas. The expansion of groundwater infrastructure continues, with the completion of a large number of wells, while additional wells are subject to development and regulatory review. Field agriculture activities also advanced through the cultivation of strategic crops, including barley, wheat, alfalfa, rhododendron, and corn, supported by the expansion of irrigation systems.
On the construction level, the project witnessed progress represented by the start of civil works for the dairy farm, in addition to continuing work on the design and planning of manufacturing facilities.
The development of the manufacturing project in Syria has made significant progress, including the stages of site preparation, design, and obtaining permits. Site planning and land leveling work has also progressed, with the completion of basic designs for the main facilities, which include the dairy unit, warehouses and service facilities. Geotechnical and foundation works remained on track, while work on obtaining the necessary permits, including environmental approvals and building permits, continued.
In parallel, Baladna signed an initial advisory cooperation agreement (Upstream Agreement) with the International Finance Corporation (IFC), a member of the World Bank Group, to evaluate the feasibility of a huge investment in the dairy production sector in Syria. Under this agreement, IFC will conduct a comprehensive supply-side diagnosis of the country’s smallholder dairy sector, assessing milk supply potential, productivity, infrastructure, and farm economics. This cooperation will provide a detailed analysis of the market, an assessment of potential scenarios, and a review of the extent of bankability to support private sector financing. This study is expected to begin in May 2026, as it aims to reduce investment risks and enhance the confidence of institutions and lenders in “Baladna” strategy for integrated expansion in the dairy sector.
The company continues to evaluate additional opportunities in a thoughtful and selective manner, including across Africa, as part of its broader “Our Country from Qatar to the World” vision, with a continued focus on achieving long-term added value.
To view the full financial statements, please visit the company’s website https://baladna.com/corporate or email us at [email protected]
