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Balady Poultry rolls out agreement with China-based Famsun

Balady Poultry rolls out agreement with China-based Famsun
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Riyadh – Mubasher: Balady Poultry Company has signed a contract with Famsun Company Limited to establish a feed production plant at a value of $7 million, according to a bourse filing.

Balady Poultry inked the deal with the Chinese firm on 19 February 2024 for 508 days.

The feed production plant consists of three lines, with a production capacity of 60 tonnes per hour in Khamis Mushait Wadi bin Hashbel city.

The Saudi company highlighted that the financial impact cannot be determined at this stage, adding that it will disclose further developments in due course

In the first nine months (9M) of 2023, Balady Poultry recorded 2.84% year-on-year (YoY) lower net profits after Zakat and tax at SAR 64.20 million, compared to SAR 66.08 million.

Earnings per share (EPS) dropped to SAR 9.77 in 9M-23 from SAR 10.05 in 9M-22, while the revenues rose by 16.91% to SAR 530.03 million from SAR 453.37 million.