Saudi-based Almarai Company will invest 1.2 billion Saudi riyals ($319.14 million) to develop poultry hatchery production facilities in Sakaka governorate in Al-Jouf region, the company said in a statement.
The investments include the development of hatchery production facilities to enhance the vertical integration of poultry supplies.
The facilities will be among the several facilities in the Al-Jouf region to ensure fresh chicken delivery to the final consumer. The move will remove the risks of relying on only one site for production, therefore meeting Almarai’s biosecurity objectives.
Last month, Almarai announced investments worth 4.5 billion Saudi riyals to expand poultry production in the Al-Shamli governorate, Hail Region.
In May 2021, the Saudi-listed firm announced a projected capital investment of 6.6 billion riyals to expand in the poultry sector, planning 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.
(Editing by Seban Scaria)