Fesh Fash's transition to TASI hinges on SAR 17.7 share price: CEO

Najeeb Al Humaid, Managing Director and CEO of Fesh Fash Snack Food Production Co.

Increased tourism in Saudi Arabia has naturally led to stronger competition in the food sector, driving up demand for snacks in line with both domestic and international tourism growth, Najeeb Al Humaid, Managing Director and CEO of Fesh Fash Snack Food Production Co., told Argaam.

The Nomu-Parallel Market-listed company established a robust presence in the corn products market and is recognized as a key player in the industry. The company is actively working to expand its market share in the potato products sector over the next two years.

For more exclusive interviews

Al Humaid described the company’s financial results as excellent, referring to a 9.37% increase in revenue year-on-year (YoY), alongside a significant 57% fall in the purchase price of natural potatoes.

The CEO said the sudden surge in energy prices adversely affected production and transportation costs. However, these were mitigated by lower production costs for local potatoes.

Al Humaid pointed to the company's ongoing expansion efforts, which include introducing new production lines and launching new products every quarter.

Recently, Fesh Fash introduced a new line of compressed grain-based snacks under the “Tawaki” brand, offering a variety of flavors and sizes, he said.

Discussing the company’s transition to the Main Market (TASI), Al Humaid explained that revised listing regulations, effective from Oct. 19, 2022, require the total market capitalization of all shares to exceed SAR 200 million over the past 12 months. Therefore, the minimum share price should not be less than SAR 17.7, in addition to meeting other criteria such as shareholder count.

According to available data on Argaam, Fash Fash’s profit rose to SAR 2.1 million in the first half of 2024, surging 50%, compared to SAR 1.4 million a year ago.