Saudi-based Almarai Company will invest 4.5 billion Saudi riyals ($1.12 billion) to expand poultry production in Al-Shamli governorate, Hail Region.

The new investments include establishing a factory and new farms to expand poultry production with more than 150 million birds annually, equivalent to 130,000 tons of poultry products, the Saudi stock exchange-listed company said in a press statement.

“This investment will provide 4,000 new job opportunities and contribute to local content development, which will reflect positively on the Hail region and the rest of the Kingdom, with additional revenues estimated at 2 billion riyals annually,” stated Almarai CEO Abdullah bin Nasser Al-Bader.

In May 2021, Almarai announced a projected capital investment of 6.6 billion riyals to expand in the poultry sector, intending to double its market share and expand in different geographical locations across the Kingdom.

The company reported a net profit after Zakat and tax of 1.40 billion riyals in the first nine months of 2022, up 9.94% from SAR 1.27 billion in the year-earlier period.

On the other hand, net profit rose 13.22% year-on-year to SAR 463.17 million in Q3 2022.

(Editing by Seban Scaria