Almarai to invest SAR 6.6 bln in poultry business expansions

Almarai Co.’s board of directors approved, on May 2, 2021, SAR 6.6 billion in capital investments to expand the poultry segment, with the aim of doubling its market share, the company said in a bourse filing.

These expansions will be implemented in several phases over five years, and will be financed through internal cash flows.

These investments will include the development of grandparent farming and production facilities to enable full vertical integration of poultry supplies. Expansions will focus on different geographical locations across the Kingdom to enhance the industry’s biosecurity, in addition to diversifying the company's contribution to the country’s economic development.

The investments underpinned the support of the Saudi government as well as of Crown Prince Mohammed bin Salman, and are part of the private sector’s efforts to develop the national economy, in line with the Saudi Vision 2030.

Almarai reported SAR 2.29 billion from the poultry business in 2020, up 8%, from SAR 2.12 billion in 2019, Argaam reported.