Hello, and welcome to Baladna conference call. Please note that this call is being recorded. You will have the opportunity to ask questions to our speakers later on during the Q&A session. If you would like to ask a question by that time, please press star one on your telephone keypad. Thank you. I would now like to hand the conference over to Fabian. Please go ahead. Thank you. I would like to welcome you all to the Baladna 3Q and 9M 2026 earnings conference call. On the call today from Baladna's management team is Ghulam Abbas, the Senior Finance Director. He will first give us an overview of the 3Q performance. We will have a Q&A session immediately afterward. Without further ado, let me turn over the call to Ghulam to begin. Over to you, sir. You can go ahead. Thank you so much, Fabian. Good afternoon, everyone. Thank you for joining us to discuss Baladna's financial results for the nine months ended 30th September 2026. My name is Ghulam Abbas, and I am working as a Senior Finance Director here in Baladna. Before we begin, please note that our discussion may include forward-looking statements based on current expectations and assumptions. Actual results may differ due to external developments and other factors. Let me begin with the key headlines. Baladna's operating performance this period has been excellent, and our momentum is building. Over nine months, gross profit increased by 18%, gross margin increased by 3.4%, and net profit, excluding the investment portfolio, grew by 20%. The third quarter remained stronger with revenue up by 7% and gross profit up by 21%. These results also prove the resilience of our core business. Through regional geopolitical development and global market volatility, we kept local production running without interruption and consumer reliably supplied. With our rights issue fully subscribed and our international project advancing, we enter the next phase from a position of strength, a reinforced balance sheet, expanding margins, and a clear platform for sustained profitable growth. I will begin with our financial performance, including a closer look at the third quarter, then cover our operational progress, international expansions, and shareholder initiatives before closing with our outlook and the priorities that will drive our next phase of growth. For the nine months ended 30 September 2026, revenue reached 978 million QAR, up by 4% year-on-year, led by retail business. Retail revenue grew by 6%, with both key accounts and traditional trade contributing, a clear sign that consumer demand for Baladna's brand remains strong. HORECA channel also grew by 2%, despite the pressure from the regional geopolitical situation. Gross profit increased by 18% to QR 281 million, and gross margin improved to 29%, compared with 25% same period last time. Notably, our cost of revenue declined by around 1%, even as revenue grew by 4%. This reflects a stronger product mix, the benefit of our strategic inventory stocks, and disciplined procurement and cost management. Operating profit from our core operations, excluding investment income, grew by 10%. Finance cost also fell by 12% to QR 52 million. As a result, net profit excluding investment portfolio grew by 20% to QR 149 million. This is the clearest measure of the underlying strength of our operating business. Cash generated from operating activities rose by 41.7% to QR 387 million, reinforcing the financial flexibility of our business. On a reported basis, EBITDA reached to QR 560 million, up by 1%, while net profit increased by 1% to QR 384 million. Our investment portfolio contributed net gain of QR 234.4 million over the nine-month period, compared to 257 million same period last year. Turning to third quarter performance, our operating momentum continued. Revenue grew by 7% to QR 318 million, supported by higher dairy and juice sales. Dairy revenue grew by 8%, while juices revenue grew by 17%. Gross profit for the quarter rose by 21% to QR 87 million, and gross margin expanded to 27%. Excluding the investment portfolio, EBITDA grew by 8% to QR 102 million, and net profit grew by 19% to QR 42 million. With a reported loss of QR 20 million on the investment portfolio, mainly driven by current volatility in stock markets globally in general and GCC in particular. Our quarterly EBITDA is reported at 82 million and net profit at 21.8 million. This quarter, we recorded an unrealized fair value loss of approximately 20 million, compared with a gain of approximately 15 million in the third quarter of the last year. As explained, this is more towards the volatility of stock markets globally. It is important to note that it is unrealized and non-cash. It reflects the market valuation of listed security at the end of the quarter. Amidst volatility in global equity markets, it has no impact on our production, our sales margins, or cash flows. For the nine months, the portfolio still delivered strong gains of QR 234 million. Management remains confident in the long-term value of the portfolio and expects performance to improve as market conditions stabilize. With respect to balance sheet, cash and bank balance stood at QR 905 million compared to 375 million at the end of 2025. Total equity increased to 4.3 billion from QR 3.2 billion, and our net debt to total capital employed improved to 33.5%, comparing to 39% same period last year. This gives us a solid foundation to fund our growth projects while maintaining a prudent capital structure. Now moving to operational performance. Operational resilience has been particularly important this year. Our strategic inventory, covering approximately six months of production requirements, has helped us to maintain uninterrupted production and reliable product availability amid regional geopolitical development and global supply chain disruptions. Our integrated farm-to-shelf model, diversified sourcing, and strong supplier relationship helped us avoid costly urgent imports while disciplined cost management protected our margins. Commercially, our reach continued to expand. Our customer base grew by 7% to almost 3,900 customers, supported by 149 sale routes and a portfolio of 290 products. Growth was led by high-value categories. Yogurt revenue grew by 17%, cream grew by 13%, cheese and UHT milk both grew by 4%. In this quarter, in Qatar, innovation continued to support retail growth. In health and wellness, we introduced a high-protein Skyr yogurt, a probiotic kefir, and an active support drink, and broadened our on-the-go offering with new flavors in our drinkable Greek yogurt range. On the indulgence side, we launched a new ice cream range and premium Greek yogurts and desserts under the Delights brand. These conditions strengthen our premium positioning, diversify our revenue base, and extend our reach into new consumption occasions. The renewal of the government evaporated milk tender also provides continued visibility on a portion of our sale volume. Strategic progress and international expansion. In Algeria, preparations are well advanced for the first cattle airlift from the U.S., which will begin the phase introduction of approximately 30,000 dairy cows and move the project from infrastructure development into live dairy operations. Infrastructures and agriculture work are also advancing. 59 water wells has been completed, 32 irrigation pivots has been operational. Approximately 420 hectares of land has been cultivated so far, and construction has begun on the dairy farms and manufacturing facilities. While we talk about Syria, construction, engineering, and procurement progressed at an integrated dairy juice and packing facility in Adra Industrial City. These projects mark our entry into high potential Syrian market where we see long-term opportunity for local food production. Now moving to another important milestone of the year, which was our successful completion of our 536 QAR rights issue. This was fully subscribed at 100%. We see this a clear expression of shareholders' confidence in Baladna's strategy, financial strength, and growth perspective. The new share began trading on Qatar Stock Exchange on 8 September, marked by a ring the bell ceremony. The rights issue increased issued capital by 25% to approximately 2.68 billion QAR, providing greater financial flexibility to invest in Qatar and advance our international projects. Our shareholder base now stands at more than 29,000 shareholders. The board of director has also proposed a distribution of 400 million bonus shares, equivalent to three new shares for every 20 shares held or 15%, subject to approval by Extraordinary General Assembly. This would increase issued share capital to approximately 3 billion QAR. This proposal reflects the board's confidence in Baladna's long-term prospects and its commitment to shareholder value. Now looking at the future outlook, our priorities remain very clear. It is to strengthen our market leadership in Qatar and continue delivering our projects in Algeria and Syria with a disciplined approach. We're also evaluating some opportunities in other African countries where our expertise can help expand sustainable food production and support long-term value creation. Our core business delivered excellent results this period, with higher revenue, significantly stronger margin, 20% growth in underlying net profit, and strong cash generation. The third quarter movement in our investment portfolio was market-driven, unrealized, and non-cash, and doesn't change the strength or direction of our business. Our resilient operational model, strong cash generation, and strengthened capital base position us for the next stage of growth. We remain focused on operational excellence, prudent capital allocation, and creating sustainable value for our shareholders. Thank you again for joining us and for your continued interest in Baladna. Over to you, Fabian. Prila, I think we can open the line for questions. Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. One moment please for your first question. Your first question comes from the line of Sid Dashir with QIC Asset Management. Please go ahead. Hi. Thank you management for the presentation. I have a couple of questions regarding the ice cream section. Could you please share some color on the initial sales performance and the long-term potential of this category? My second question, I think during the last call, you mentioned the possibility of moving from imports to local production. I just want to know what kind of sales volume would justify such an investment. Thank you. Okay, thank you so much for your question. Yes, ice cream is the next potential category, and Baladna management is very pleased to inform you that the response that we received from the Qatari people is enormous. Although due to the supply constraints, we have not been able to introduce all our SKUs planned for the year. We are only working with eight SKUs, but we are going to launch a dozen new SKUs next year, because now the supply chain is getting slightly better. Response is also strong, which is also very encouraging for us. We see that the market is. The next year's revenue, we are forecasting around QR15 million-QR20 million for year 2027. Regarding the import, stopping the import and bringing in-house, yes, that model is very much on the table, especially with the positive response. But still, we are thinking that we need to give some more time with the new flavors, with the full range, and explore the more categories in the ice cream. Then given the potential, you may hear from us in 2028 that we are bringing it in-house. Okay. Maybe one last question from my end. How do you expect the profitability of this category compare to your existing dairy portfolio? This category is also having a decent margin. But right now, since we are working through a third-party distribution channel, our plan is to move to the. Once everything will be in-house, that distribution will also be done by Baladna itself, so it will make it more profitable. Even right now, the margins are very decent, very much comparable to most of our categories, dairy categories. Okay, thank you very much. Once again, if you would like to ask a question, simply press star one on your telephone keypad. I am showing no further questions at this time. I would like to hand it back to Fabian for closing remarks. Thank you, Prila. Before I close, Ghulam, I just got one or two questions. I noticed that there was a spike in juice sales. What do you attribute that to? It was quite a strong quarter. Yeah. See, if you have noticed, Fabian, the country has implemented the sugar taxes on a lot of sugary products. Juices are one of them. Since Baladna was producing a high-quality product with a very less external sugar, which fall under that tax, this is giving us a competitive advantage on a lot of import that was happening to the country. That is one thing. Secondly, with our team's innovation, bringing more brand events, going into a lot of places to advertise our product and making the people familiar about the health of the product that we are offering comparing to the competitors, giving a booster to our product. Okay, thanks for shedding light. I think my last question before we close, if there are no other questions on the queue, is that I've noticed some price changes. I think if you said on the juices that your price has become a bit more competitive, but I've also noticed a few price increases on the shelf. This is just my personal observation. I don't know, are you able to confirm whether that's correct, and what sort of an impact it has had this quarter, rather in 3Q, and what you expect it to have for an annualized year? No, that's not a price increase. Basically, that's a component of the taxation that we are passing on to the consumer, similar to the other competitors on the product where we are also using some component of the sugars. So that's basically the taxation that we are collecting on behalf of the government. It's excise tax. Oh, okay. Okay. Okay. That makes sense. All right. Thanks, Ghulam. I don't see any other questions on the line, so I think it's safe to say that we can bring this call to an end. I would like to thank you, Ghulam, for taking your time to update the market, and I would also like to thank everybody else for joining the call. Please do join us again for future calls. Enjoy the rest of your day. Thank you. Thank you everyone once again. Ladies and gentlemen, that concludes today's conference call. Thank you all for joining. You may now disconnect.