Baladna Reports Strong H1 2026 Financial Results with Significant Growth

Doha, Qatar Jul 30, 2026 ALN: Baladna QPSC, Qatar’s leading dairy and juice company, on Wednesday announced its financial results for the six-month period ended June 30, 2026.

The company delivered continued growth in revenue and profitability, supported by the strong performance of its core business, returns on diversified investment portfolio and continued product innovation. During the period, Baladna further strengthened its market position through new product launches, expanded customer reach and the successful renewal of key commercial contracts, while also achieving significant milestones across its international expansion strategy, including continued progress on its integrated dairy project in Algeria and the advancement of strategic partnerships supporting its long-term growth ambitions.

Key highlights

• H1 2026 revenue increased 2.6% year-on-year (YoY) to QR659.4 million, while net profit increased 9.3% to QR361.9 million.
• In Algeria, agricultural activities commenced successfully and the construction of Dairy Farms and processing facilities is progressing as planned.
• In Syria, Baladna achieved significant execution milestones for its new manufacturing facility in Adra industrial city. Construction commenced during the quarter following completion of key design, land consolidation and environmental approval milestones.
• Secured shareholder approval for the 25% rights issue, supporting the Company’s long-term growth strategy and international expansion initiatives.
• Signed a Memorandum of Understanding with Al Dahra Holding to explore a strategic partnership focused on global farming collaboration and long-term animal feed supply.
• Successfully renewed the government evaporated milk tender for 2026, reinforcing Baladna’s leadership in one of its key product categories and supporting continued demand visibility.

Financial highlights

H1 2026

• Revenue for H1 2026 increased by 2.6% YoY to QR659.4 million, compared to QR642.5 million in H1 2025. The increase was primarily driven by higher dairy sales under the Company’s government supply arrangements, together with continued growth across its retail channels and core dairy business.
• Gross profit increased by 14.2% YoY to QR190.2 million, with gross profit margin improving to 28.8%, compared to 25.9% in H1 2025, reflecting an improved product mix, operational efficiencies and disciplined cost management.
• EBITDA increased by 7.5% YoY to QR477.6 million, with EBITDA margin improving to 72.4%, compared to 69.1% in H1 2025.
• Net profit increased by 9.3% to QR361.9 million, with net profit margin improving to 54.9%, compared to 51.5% in H1 2025. The improvement was mainly driven by fair value gains on investment securities and returns from the Company’s Strategically Diversified Investment Portfolio, alongside the continued strong performance of its core business.

Q2 2026

• Revenue for Q2 2026 increased by 5.6% YoY to QR329.4 million, compared to QR311.9 million in Q2 2025. The increase was primarily driven by higher evaporated milk sales following the successful renewal of the government tender, supported by the introduction of new ice cream products and continued strong demand for yoghurt across the retail channel.
• Gross profit increased by 5.6% YoY to QR84.0 million, while gross profit margin remained stable at 25.5%.
• EBITDA increased by 8.7% YoY to QR358.6 million, with EBITDA margin improving to 108.9%, compared to 105.8% in Q2 2025. Net profit increased by 10.2% YoY to QR300.7 million, with net profit margin improving to 91.3%, compared to 87.5% in Q2 2025. The increase primarily reflected fair value gains on investment securities, alongside continued growth in the Company’s core business.

Operational highlights

Baladna continued to strengthen its core business through product innovation, commercial execution and market expansion during the first half of 2026. The company’s retail business delivered solid growth during the period, with retail-key accounts revenue increasing by 5% and Retail-Traditional Trade revenue growing by 7% YoY, supported by portfolio expansion and strong consumer demand across its core dairy and juice categories. While HoReCa revenue remained broadly stable despite the impact of regional tensions, Baladna continued to strengthen its leading position across Qatar’s dairy market.

During the period, Baladna successfully renewed the government evaporated milk tender for 2026, reinforcing its leadership in one of its key product categories and providing continued demand visibility. The renewed tender, together with the Company’s continued focus on product innovation and distribution expansion, supported the strong performance of its core dairy business.

Strategic highlights

Baladna continued to make significant progress in executing its international expansion strategy, achieving several key milestones across its strategic projects and partnerships during the first half of 2026.

In Algeria, on-ground execution continued to advance during the period, with further progress in groundwater infrastructure and irrigation systems. Agricultural activities commenced successfully during the Spring 2026 season, with corn silage and Sorghum Sudan grass cultivated, alongside the first harvests of barley and wheat, supporting the project’s integrated feed production strategy. Construction of dairy farms and processing facilities commenced as per plan, marking another important milestone towards operational readiness.

In Syria, Baladna also achieved significant execution milestones for its new manufacturing facility in Adra Industrial City. Construction commenced during the quarter following the completion of key design, land consolidation and environmental approval milestones, with the main contractor mobilizing to site. The company also completed the design of its key production facilities and progressed the procurement of processing and packaging equipment, further advancing the project towards operational readiness.

Further strengthening its international growth platform, Baladna signed a Memorandum of Understanding with Al Dahra Holding to explore a strategic partnership focused on global farming collaboration and long-term animal feed supply. The proposed partnership is expected to strengthen Baladna’s global supply chain capabilities through the development of integrated farming platforms and long-term feed procurement, supporting the Company’s expanding dairy operations across multiple international markets, including Syria.

Rights issue

As part of its long-term growth strategy, Baladna announced after the approval of the Extraordinary General Assembly on July 22, 2026, a 25% rights issue, marking a significant milestone in the company’s next phase of growth. The capital increase will raise Baladna’s paid-up share capital from QR2.14 billion to approximately QR2.68 billion through the issuance of 535,996,240 new ordinary shares. The rights issue is designed to strengthen Baladna’s capital base and enhance its financial flexibility, providing the resources to support the Company’s medium- to long-term growth strategy.

The net proceeds are intended to primarily finance potential dairy and agricultural businesses across the region. The proposed capital increase provides eligible shareholders with the opportunity to participate in Baladna’s next phase of growth as the company continues to build on its strong operational foundation and advance its vision of strengthening food security through sustainable, large-scale dairy and agri-food platforms across regional and international markets.