Almarai set to invest SAR 275 mln to expand poultry segment
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Almarai Co.’s board of directors approved, on April 5, an investment of SAR 275 million to expand the existing processing facilities in the poultry segment, in line with the company’s strategic expansion plan, the dairy producer said in a bourse filing on Tuesday.
The company also approved the development of grandparent farming and production facilities to enable full vertical integration of the poultry supply, as the segment recorded satisfactory financial results in the first quarter of 2020 and over the past two years.
In addition, Almarai will undertake a comprehensive study to assess potential expansions into basic food categories, in order to contribute to the Kingdom’s food security agenda.
In May 2019, the company’s board of directors approved its strategic five-year plan for 2020-2024, targeting a capital investment of SAR 7.1 billion.