Riyadh – Mubasher: The board members of Almarai Company approved an investment plan of SAR 405 million to further expand its fresh bakery capacity, including new products.
The listed company intends to enter the frozen bakery segment in Saudi Arabia and other markets, according to a bourse filing.
This will enable Almarai to provide its customers with a wide range of fresh and frozen bakery products.
Moreover, the increased capacity will contribute to the Kingdom’s food security in line with the Saudi Vision 2030.
The investment plan, which is expected to be completed within two years, will be financed by Almarai's internally generated cashflows.
In the first half (H1) of 2023, the Saudi firm logged net profits after Zakat and tax valued at SAR 1.19 billion, up 26.71% from SAR 940.81 million a year earlier.
The revenues rose by 8.17% to SAR 9.85 billion in H1-23 from SAR 9.11 billion in H1-22, while the earnings per share (EPS) enlarged to SAR 1.21 from SAR 0.96.
