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Almarai invests SAR 6.6bn for expansion plan

Almarai invests SAR 6.6bn for expansion plan
Almarai aims to double its market share in the poultry sector
ALMARAI
2280
-1.46% 54.00 -0.80

Riyadh – Mubasher: Almarai Company is pumping SAR 6.6 billion in capital investment to expand in the poultry segment over five years, according to a bourse disclosure on Monday.

The listed firm aims to double its market share in the poultry sector by developing chicken farming and production facilities to enable full vertical integration of the poultry supply.

Almarai will be funding this expansion plan through its internally generated cash flows.

Last month Aljazira Capital expected Almarai’s poultry profits to remain softer during the first half (H1) of 2021 compared to last year due to more sales shifted toward the lower margin frozen category amid an ongoing recovery in the foodservice sector.