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Almarai unveils SAR 1.2bn investment in poultry industry

Almarai unveils SAR 1.2bn investment in poultry industry
ALMARAI
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Riyadh – Mubasher: Almarai Company plans to invest SAR 1.20 billion in Sakaka governorate in Al Jouf region to set up a poultry hatchery production facility.

Almarai signed the agreement with the Saudi Ministry of Environment, Water, and Agriculture on 5 December 2022, according to a press release.

Nayef bin Sultan bin Muhammad bin Saud Al Kabeer, Chairman of Almarai, indicated that this step aligns with the Saudi Vision 2030 to enhance food security in the Kingdom.

Moreover, Al Kabeer noted that the investments include the establishment of hatchery production facilities to boost the vertical integration of poultry supplies while creating 720 new job opportunities.

It is worth mentioning that the Tadawul-listed firm recently unveiled an investment worth SAR 4.50 billion in Hail to scale up poultry production.

This comes as part of the SAR 6.60 billion investment plans that Almarai announced in May 2021 to promote poultry production across Saudi Arabia and enhance the vital security of the sector.

In the first nine months (9M) of 2022, Almarai generated SAR 1.40 billion net profits after Zakat and tax, up 9.94% from SAR 1.27 billion in 9M-21.