Foodics CEO says listing strategic step to boost growth

Ahmed AlZaini, CEO of Foodics Co.

Ahmed AlZaini, CEO of Foodics Co., restaurant management and e-payment solutions provider, said that the company’s listing is a strategic step that boosts its growth and expands its scope of operations. The company aims at a successful listing on the Saudi market.

On the sidelines of 24 Fintech Conference, AlZaini said Foodics is focusing on expanding the scope of its technological solutions and providing added value to both investors and clients alike.

AlZaini explained that the company serves more than 30,000 restaurants and operates over 50,000 points of sale. It aims to provide integrated financial and management solutions for restaurant owners. The company currently operates through seven offices spread across the GCC, Egypt, and Jordan.

He explained that the majority of the company's clients are small and medium-sized enterprises (SMEs), while the remaining 20% are large corporations.

The company aims to enhance the sustainability of restaurants while reducing risks associated with the cash cycle, which is one of the main challenges faced by restaurant owners. He noted that the cash cycle for restaurants typically lasts 21 days, and if liquidity is not secured within this period, the business is at risk.

According to Argaam data, Foodics was founded in 2013 and operates a restaurant management system, covering everything from kitchen operations to order handling, payments, and monthly subscriptions. In 2020, the company obtained a license from the Saudi Central Bank (SAMA) to provide electronic financial operations.

The co-founder and CEO of Foodics, AlZaini, previously mentioned that the company is considering an initial public offering (IPO) of no less than 30% of its shares on the Saudi stock market by the end of 2025.