Why Now
Baladna grew gross profit 18% to QAR 281.0 million in the nine months to 30 September, and its gross margin widened to 29% from 25%. Revenue at Qatar's biggest dairy company rose 4% to QAR 977.8 million, mainly on retail sales.
Past nine months in numbers:
Revenue: QAR 977.8M, up 4%
Gross profit: QAR 281.0M, up 18%
Gross margin: 29%, up from 25%
Core operating profit (excluding investment income): up 10%
EBITDA: QAR 559.9M, up 1%
Net profit: QAR 383.7M, up 1%
Q3 on its own was stronger on sales. Revenue rose 7% to QAR 318.3 million, helped by higher dairy and juice sales, with EBITDA of QAR 82.3 million.
Reported net profit includes QAR 234.4 million of unrealised gains on equity investments, so gross profit and core operating profit give the clearer view of the dairy business. In Q3, about QAR 20 million of unrealised investment losses took net profit to QAR 21.8 million. Baladna describes those swings as non-cash.
Why margins widened
Baladna credits cost discipline and its farm-to-retail model. It also built up a strategic inventory covering about six months of production needs, which it says kept production and supply running through regional disruption without costly emergency imports. Diversified sourcing and supplier relationships helped too. It also renewed its government supply contract for evaporated milk, which gives it a steadier base of volume.
Beyond Qatar
Algeria: 59 water wells completed, 32 irrigation pivots running and about 420 hectares under cultivation. Construction has started on the dairy farms and factory, and Baladna is preparing for its first cattle. Milk production starts once the facilities are complete.
Syria: engineering, procurement and construction are under way on a dairy, juice and packaging plant in Adra Industrial City.
More of Africa: the company says it is evaluating other African markets.
Capital: a fully subscribed rights issue raised share capital 25% to about QAR 2.68 billion, and Baladna has proposed a bonus issue of 3 shares for every 20, which would take capital to about QAR 3.08 billion if approved.
What it means for the shelf
Premium lines add value to the range. Baladna's recent additions, including high-protein skyr, a probiotic kefir drink and an Active sports drink, sit alongside its everyday milk and laban as higher-value items.
Local stock is a selling point for retailers. Six months of inventory and a farm-to-retail chain give Qatari grocers a supplier that can keep shelves full during disruption.
Baladna is building a regional footprint. Algeria and Syria would give the brand production bases well beyond the Gulf.
Sources: Baladna nine-month 2026 results via The Peninsula (27 Oct 2026).
Get weekly intel on what's launching, moving and next on MENA's shelves. Subscribe to Arabian Aisles.