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INDUSTRIAL NEWS

Almarai plans $2.8bn capital investment

May 28, 2018 9:14 AM

Saudi Arabia s dairy major Almarai Company board has approved the five-year business plan for the period 2019-2023 which envisages a capital investment of SR10.6 billion ( 2.8 billion). This investment...

Saudi Arabia's dairy major Almarai Company board has approved the five-year business plan for the period 2019-2023, which envisages a capital investment of SR10.6 billion ($2.8 billion).
 
This investment programme will be financed through the increasing operating cash flow, and when appropriate through banks, SIDF, ADF and local and international Sukuk programmes, the company said. 
 
The long-term investment plan of the company calls for less expansionary investments and a focus towards more efficiency and sustainability. 
 
The investments will focus on replacement of existing assets; improvement of production capacities and capabilities in farms and manufacturing facilities; distribution and transportation facilities; extension of geographical footprint and the enhancement of innovation and product development capabilities, it said.
 
The board, during its meeting held on May 23, completed its first milestone review of Almarai 2025 plan initiated last year. This review confirmed that the company is on track with this long-term vision to reinforce its position as the consumers' preferred choice for superior, nutritious food and beverage products in the Arab world, it said. 
 
The review confirmed that the infrastructure, in terms of processes, people and systems, is in place to enable the company to face the future challenges and meet its long-term ambition. Each of the seven business units will drive the company forward through growth and innovation across the traditional trade, modern trade and foodservice channels, with its operating model transformed by the implementation of automation, cyber-physical systems, cognitive computing and the growing digitalisation of the food & beverage industry, the company said.
 
Given the persistently challenging economic conditions across the region, the focus on efficiency and cost optimisation measures will continue throughout the plan period to ensure continuous competitive advantage, the company said. - TradeArabia News Service 
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