Saudi’s Almarai commits 275 mln riyals to expand poultry business

Saudi Arabian food company Almarai has committed 275 million riyals ($73.33 million) to expand its existing poultry processing facilities, the company said in a filing on Tadawul on Tuesday (Apr 7).

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 52.9 million riyals ($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 Mar 31, compared to the same period last year.

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