Almunajem Foods’ board nods for building new factory

Almunajem Foods’ board nods for building new factory

Riyadh – Mubasher: Almunajem Foods Company’s board approved establishing a new factory to produce poultry, red meat, seafood, and dairy products with around SAR 157 million in investments.

The new factory will have a production capacity of 35,000 annually, according to a bourse filing.

It will be located on 56,000 square metres in Jeddah’s third industrial city.

Working on the project is set to start in the third quarter (Q3) of 2024 to be completed in Q1-2026.

In 2023, Almunajem Foods Company reported net profits after Zakat and tax totalling SAR 282.20 million, indicating a decrease of 2.75% from SAR 290.20 million in 2022.

Almunajem Foods’ board nods for building new factory