Saudi Arabian F&B heavyweight Almarai has posted significant growth and profits in the first nine months of 2023 driven by stringent cost management and gains in the poultry category to offset Egyptian currency challenges.
SIG has launched a new digital smart factory solution, Plant 360 Asset Health Monitoring, which it said will help customers improve operations and ensure food safety and quality while reducing costs.
Saudi Arabian dairy company Almarai said it is the first brand in the world to obtain a Pandemic Prepared Certification from AIB International due to its application of best practices for food safety in times of epidemics.
Three Saudi Arabian food and beverages companies, Almarai, Safola Group and Abdullah Al Othaim Markets, have been ranked among the 100 most powerful companies in the Middle East according to Forbes ranking.
Saudi food conglomerate Almarai has reported a drop of 11.9% in second-quarter profits this year to SAR 582.5 million (US$155 million) compared to the corresponding quarter in 2018, attributing this to the performance drop in its dairy and juice category.
Saudi’s Almarai has formally announced its intention to buy UAE food producer NFPC, potentially worth up to US$1.5bn, as analysts remain cautious on the firm’s outlook after mixed Q1 results.
Almarai announced a 14.4% increase in annual profits, to US$510m, but said it expected costs to rise US$133m in 2016 due to increased costs, as it bought US land worth US$31.8m.
Saudi food giant Almarai may buy a US$1.5bn stake in the UAE’s National Food Products Company (NFPC), as the Saudi firm ups its dividend payment and plans to boost its equity.
Saudi food giants Savola and Almarai reported very different Q3 results, with Savola’s profit dropping 47% to US$99m, and Almarai’s up 10.3% at US$158.7m, but both missing analyst’s forecasts.
Saudi food producer Almarai announced a 22.4% rise in profits to reach US$141m for its second quarter, with increased sales, but also a US$87.5m write-down of its subsidiaries.
Saudi-based company Almarai has partnered with Oystar Gasti in a deal that will help fulfill continuing consumer demand for high quality dairy products in the Gulf.
