Dairy firm Almarai to invest over $4.8 bln under five-year plan
The Middle East’s biggest dairy firm Almarai (2280.SE), plans to spend over 18 billion riyals ($4.8 billion) through 2028 under a new plan aimed at boosting growth while focusing on areas including supply chain capabilities and food security. Saudi Arabia’s sovereign wealth fund, Public Investment Fund, owns a stake of around 16% in the firm through […]
Saudi dairy Almarai’s net profit increases to $453m in 22
Saudi dairy giant, Almarai, recorded a 12.5 percent increase in net profit to SR1.7 billion ($453 million) in 2022, compared to SR1.5 billion recorded the previous year, driven by bakery and dairy segments. The Tadawul-listed firm saw its revenue rise by 18 percent to hit SR18.7 billion in 2022 from SR15.8 billion in 2021. The company’s revenue increase was mainly driven by its bakery segment, which was […]
Saudi dairy companies hike prices up to 33%
Most dairy companies in Saudi Arabia have raised prices of their products, reaching up to 33 percent, effective from Sunday, Jan. 1. In a statement on its official Twitter account, Saudi dairy giant Almarai Company attributed the hike to three main reasons. They are increased shipping costs, higher cost of production ingredients, and increased fodder […]
Saudis boycott dairy products in protest at price increases
Saudi citizens have launched a campaign calling for a boycott of dairy products and coffee shops in protest at a sharp increase in the price of goods. In May, the price of chickens, eggs, yoghurts, cheese, and milk in Saudi Arabia almost doubled, provoking a major backlash against dairy companies. According to the Saudi Consumer Protection […]