April 8, 2020
Saudi's Almarai to invest US$73.33 million for poultry business
Saudi Arabian food company Almarai has announced on Tuesday a SAR275-million (US$73.33-million) expansion for its existing poultry processing facilities.
In addition to the capital investment, Almarai said its Board has approved the development of grandparent farming and production facilities to enable the company to move towards full integration of poultry supply.
In August last year the company acquired 37.6% of Pure Breed Company for SAR52.9 million (US$14.1 million), taking its ownership to 93.5%. That acquisition turned Almarai's focus to poultry broiler grandparent farming.
Almarai competes in several F&B sectors including dairy, juices, bakery, and poultry.
The company reported on Sunday a 14% increase in profit for the three months ending March 31, compared to the same period last year.