Baladna’s board proposes 24% capital increase via rights issue to accelerate international expansion

QATAR – Baladna, Qatar’s largest dairy company, has announced that its Board of Directors has proposed a 24% capital increase via a Rights Issue, subject to regulatory approvals and a shareholder vote at an upcoming Extraordinary General Meeting (EGM).

The proposed Rights Issue marks the next phase in Baladna’s long-term strategic journey, as the company looks to build on its success in Qatar and scale into a regional leader in vertically integrated dairy and beverage production.

The proposed Rights Issue follows the recent 7.1% capital increase via bonus shares approved on November 6, 2025, and marks the next step in Baladna’s capital strategy by aligning shareholder value creation with the company’s growing international ambitions.

For the first nine months of 2025, the company reported record-breaking financial performance with strong profitability, with revenue of USD 254 million (QR941 million).

Marek Warzywoda, Group CEO, commented: “We’ve built a resilient business model anchored in food security, operational efficiency, and disciplined execution. Baladna delivered record 9M 2025 operational and financial performance, and this proposed capital increase represents a strategic step to scale our international footprint and build long-term value. Our ambition is to transform Baladna from a national Qatari champion into a regional powerhouse, to become one of the top dairy and beverage producers in the MENA and international markets.”

Baladna’s strategy is built around a proven, scalable model that integrates large-scale farming, modern processing capabilities, and deep in-market distribution.

It is taking its proven model to underserved markets across the region, supporting nations in building their own resilient food systems.

The company is now executing on several landmark initiatives to expand its footprint across priority markets through its strategy of “From Qatar to the World”.

In Algeria, the company is actively progressing one of the world’s largest vertically integrated dairy projects, with a total investment of US$3.5 billion.

The project spans 117,000 hectares of leased farmland, is designed to house 240,000 Holstein cows, and is expected to produce up to 1.7 billion liters of milk and 198,000 tons of milk powder annually.

Fully funded and already under construction, the project is majority owned by Baladna (51% equity stake) in partnership with Algeria’s National Investment Fund (49% equity stake).

In Syria, Baladna’s Board has approved a US$250 million investment to establish an integrated industrial complex that includes dairy production, juice, plastic packaging, and water treatment facilities.

The project positions Baladna as a first mover in a market with significant growth potential and limited local production capacity.

The company is also actively evaluating expansion opportunities in selected African markets, where Baladna’s scalable farm-to-shelf platform can serve fast-growing populations and support national self-sufficiency goals.

These initiatives reflect Baladna’s ambition to evolve from a symbol of Qatar’s capacity as a local champion towards a leader beyond its borders.

Looking ahead, Baladna aims to increase its EBITDA to US$384 million (QR1.4 billion) by 2030, representing a 3.5x improvement, underpinned by international expansion, continued operational efficiency, and innovation in high-quality food production.

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