Thamer Abanumay, CEO of Almunajem Foods Co.
The need levels in Saudi Arabia’s foods market are strong and the momentum will likely continue over the coming duration due to population development, tourist, and Hajj and Umrah programs, Thamer AbanumayCEO of Almunajem Foods Co.informed Argaam
Inflation levels and unsteady supply chains weigh on rates, he included.
The sector’s development is anticipated to continue through Q1 2024, backed by the seasonal need in Ramadan.
Almunajem’s Q4 2023 efficiency showed greater income, favorable development throughout all sales channels in addition to classifications, enhanced earnings margins for some food classifications, compared to the previous year duration, which was affected by the supply chains crisis then, Abanumay included.
Almunajem reported an all-time high profits surpassing SAR 3.3 billion in 2023 and even more enhanced the operating capital performance ratio to reach 14%. Furthermore, it produced totally free capital (FCFs) at SAR 400 million in 2015, and reported favorable development in sales volumes year-on-year (YoY) in Q4 2023 particularly in the Western area.
The Golden Chicken sales volumes represented 1.1% of Almunajem’s Q4 2023 gross sales, kept in mind Abanumay, anticipating the business to report greater sales of these food classifications in 2024.
When it comes to the prospective acquisition of Balady Poultry Trading Co.Abanumay suggested that the business is performing the due diligence, and any appropriate updates will be properly exposed.
Almunajem’s net earningsdecreased 3% to SAR 282.2 million in 2023, from SAR 290.2 million in the year-earlier duration. The fourth-quarter revenues was available in at SAR 81.6 million, information put together withArgaamrevealed.