Beth: The Board of Directors of Almarai Company, in its meeting held on Sunday, approved the injection of capital investments estimated at 6.6 billion riyals to expand in the poultry sector, with the aim of doubling the company's market share in this sector.

This expansion will be implemented in several phases over a period of 5 years. It also includes the development of broiler production facilities to achieve vertical integration of the poultry supply.

Emphasis will be placed on expanding in different geographical locations in Saudi Arabia to enhance the vital security of the sector, in addition to distributing the company's contributions to economic development in the various regions of the Kingdom.

According to the company’s statement on the Saudi market website “Tadawul”, these investments “came as a result of supporting and encouraging the government of the Custodian of the Two Holy Mosques and his Crown Prince to the private sector, and as part of the sector’s participation in developing the national economy, and confirming the growing role of Almarai Company in achieving the Kingdom’s 2030 vision in all fields and Its top is enhancing food security in the Kingdom. "

The company stated that the strategic expansion of the poultry sector will be funded by the company's internal cash flows.

Almarai Company announced a net profit growth of 0.8% for the first quarter of this year.

The company said, in a statement to the Saudi Stock Exchange "Tadawul", that the company's profits reached during the first three months of this year to 385.9 million riyals, compared to 383 million riyals during the same period last year.

Revenues increased by 1.5% to reach 3.645 billion riyals, compared to 3.592 billion riyals during the same period last year.

The company said revenue growth was led by the dairy segment and other sales. The revenues of the food, poultry and juice sector were slightly less than last year due to the primary impact of the pandemic (Covid-19) in the first quarter of 2020.