GulfBase Live Support
Leave a message and our representative will contact you soon
26/05/2015 10:51 AST
The board of Saudi Arabia's Almarai has approved a capital investment plan which will reach 21 billion riyals ($5.6 billion) in the next five years, it said on Tuesday.
The Gulf's largest dairy firm said the 2016-2020 programme will replace their existing investment plan -- which foresaw spending worth 15.7 billion riyals between 2013 and 2017 -- and would cover expansion in the areas of farming, manufacturing, distribution and logistics.
"The objectives set by the board include increasing further its presence in all segments and geographies where it operates, targeting to double consolidated sales, while improving the financial performance," it said in a statement.
Almarai is present in the six Gulf countries as well as Egypt and Jordan. It also owns Fondomonte, an Argentinian farming firm which supplies feed to its dairy herd.
The company posted a 12 percent rise in first quarter net profit to 306.5 million riyals ($81.7 million) in the three months to March 31, aided by a 11.7 percent year-on-year increase in first-quarter sales, which rose to 3.04 billion riyals.
Food companies in the kingdom are drawing significant interest from investors, who see the sector as a way to tap into the growing wealth in the region.
The firm is expected to benefit from the opening of the kingdom's equity market to direct foreign investment on June 15 and has been included by index compiler MSCI in its standalone Saudi index set to be launched on June 1.
Almarai will use its growing operating cash-flow besides bank facilities, money from the Saudi Industrial Development Fund (SIDF) and the Agricultural Development Fund (ADF), or its existing sukuk program to finance its investment plan, it said.
Investments required for product renovation and innovation have also been factored in the plan, it added.
Reuters
21/01/2018
Saudi Arabia’s Almarai, the Gulf’s largest dairy company, reported a 4.3 percent decline in fourth-quarter profit on Sunday due to tough market conditions that prevailed throughout 2017, missing some
Reuters
11/12/2017
The Board of Directors of Almarai Company, during its meeting on 11th December 2017, has decided to recommend to the General Shareholders Assembly a payment of dividend for the financial year 2017 as
Tadawul
25/10/2017
Saudi Arabia's Almarai, the largest dairy company in the Gulf, has reported a gross profit for the third quarter of SR1.51 billion ($404.24 million), an increase of 2.1 per cent as compared to the SR
Trade Arabia
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News