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ALMARAI APPROVES PLANS TO ENTER THE SEAFOOD CATEGORY

Almarai approves plans to enter the Seafood Category

The Board of Directors of Saudi Arabia business. Almarai Company, at its meeting held on Monday, June 13, 2022, approved an investment plan to enter the seafood Category, with an initial investment of 252 million riyals. At the same meeting, the Board approved an investment of 153 million Saudi riyals to secure parent poultry birds supply for Almarai and the Kingdom of Saudi Arabia market.

“The plan to enter the seafood Category includes establishing industrial facilities for processing seafood and high-quality products. which will be financed internally from the company’s operating cash flows after obtaining the necessary approvals from the regulatory authorities. The company in this new sector will expand Almarai’s product offering and contribute to the food security plan.”, said Abdullah bin Nasser Al-Badr, CEO of Almarai Company.

“The investment in parent poultry birds will allow Almarai to mitigate an imminent risk of a supply shortage of parent stock in the Kingdom, and once further investments are deployed to secure additional parent stock supply, the parent bird facility will be utilized for hatching egg production as initially planned for Poultry Capacity Expansion,” added Al-Badr

Al-Badr indicated that these two investments reflect the company’s permanent commitment to providing high-quality products to its customers, stressing at the same time that the company is committed to enhancing and supporting national food security in line with the objectives of the Kingdom’s Vision 2030.

It is worth mentioning that in December of last year, Almarai announced the approval of an investment plan in the red meat sector, allowing the company to provide high-quality local meat that matches their choices and preferences.

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