The board of directors of Saudi Arabian food company Almarai has approved an investment of 275 million Saudi riyals ($73.2 million) to expand its existing processing facilities in the poultry segment.

The board has also approved the development of grandparent farming and production facilities to enable a full vertical integration of the poultry supply, a statement on Tadawul showed.

The company’s board approved last year a strategic five-year business plan for the period 2020-2024 with a capital investment that is planned to reach 7.1 billion riyals. The investment program will be financed mainly though the company’s operating cash flow.

Almarai reported a 14 percent increase in the consolidated profit attributable to shareholders for the first quarter of the year 2020, compared to the same period last year. The company’s gross profit increased by 7.7 percent.

(Reporting by Gerard Aoun, editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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