Baladna
QSE: BLDN
An integrated dairy and beverage platform in Qatar.
It produces and distributes in Qatar and is expanding at home and abroad.
- Company
- Baladna Q.P.S.C.
- Sector
- Consumer Goods & Services
- First report
Why Baladna stands out
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Food security for a nation.
Its own farms and plants lead six dairy categories in Qatar, from fresh milk to labneh.
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From herd to delivery.
In Qatar it runs every step itself: herd genetics, farming, processing, cold chain and delivery.
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A second home market in the making.
In Algeria it is building an integrated milk powder platform, backed by a 20-year offtake contract.
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More than a dairy.
It also holds a portfolio of listed shares, including a stake in Egypt’s Juhayna.
From the company’s reports and our research.
Building the platform for regional food security
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Research on Baladna
- Third quarter 2026
- Ask this report
Eight questions to start
- In three sentences: how did Baladna's rights issue go, and what does the report say it means for the expansion?
- How did the listed investment portfolio's fair-value gains compare with dairy EBITDA in 2025, and what did the portfolio add in the first half?
- How did the dairy business perform in the first half of 2026, and how do the full-year forecasts compare with company guidance?
- When did the regulator clear the new shares, and how long do the remaining shares stay available to the company?
- How much of the Algeria build has Baladna funded itself, and how has the Algerian balance sheet grown since 31 December?
- What is the QAR 415.5m of new capital for, and why does the report say the amount not raised is not a constraint?
- Which Algeria milestones and upcoming results does the report say to watch, and what would each one show?
- How have the report's operating forecasts and its view of Algeria changed since the August initiation?
- Ask this report
Eight questions to start
- In three sentences: what is Baladna today, and how does the report describe its move from Qatari dairy to a regional food-security platform?
- How did the first half of 2026 go for Baladna? Explain revenue, gross margin, underlying EBITDA and what drove the margin gain.
- What funding sources does the report list for Baladna's expansion, and how does the QAR 541m rights issue fit in?
- When does the report expect the Algeria cattle airlift to begin, and which milestones follow over the next 12 to 18 months?
- Who are Baladna's partners in Algeria, and what do the ONIL offtake, the tax exemption and the bank guarantee each provide?
- Beyond Algeria, how is Baladna building its regional footprint through the Syria project and its 16.25% Juhayna stake in Egypt?
- Which quarterly markers does the report say to watch across Qatar, Algeria, Syria and the portfolio, and what would each one show?
- How has Baladna's gross margin developed from FY2023 to H1 2026, and what does the report credit for the change?
Research, not investment advice. Every report carries its full disclosures. Research disclosures
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