“Food development” for Al Arabiya: profits doubled 6 times in 5 years and 20% of our market share

Ahmed Al-Osailan, an official spokesperson for the Food Development Group, said the company has doubled its profits, revenues and production about 6 times in the past five years.

He added that the company is a leader in the poultry production and consumer products sector, noting that the company’s market share is about 20% of the poultry market.

He said the founders still hold 70% of the company’s shares after the offering, explaining that the proceeds from the offering will help achieve the company’s development through best practices.

Trading of the company’s shares in the Saudi Tadawul market began today and the company’s share topped the market at the start of the session, climbing by a maximum of 30% to 87.1 riyals per share.

Al-Osailan said the company achieved the largest subscription production in Saudi trading history, which confirms investor confidence in the company and investors’ desire to invest in the food sector.

Regarding plans to obtain funding, Al-Osailan said the company has expansion plans for the next five years and needs funding to carry out those plans, and clear plans have been drawn up. in about tale issue and coordination with financing companies.

Interestingly, the Saudi Food Development Company has set the price range for its public offering between 59 and 67 riyals per share.

The company is one of the companies of the Al-Dabbagh Holding group, which was founded about 60 years ago, and is one of the largest and oldest food producing companies in the Kingdom, looking to be a regional leader and enter the halal market globally.

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