Almarai’s poultry business on track to break-even in 2017; invested SAR4.4bn in 2016
Almarai (2280.SE) reported a loss of SAR294mn in its poultry segment versus a loss of SAR214mn in 2015. However, the company is making progress in this segment and expects to break-even in 2017 according to the company’s CEO Georges Schorderet. The company faced headwinds in the segment in 2016 due to competition from lower priced poultry imports. However last month customs tax on imported poultry was raised to 20% from 5%. The company invested SAR4.4bn (30% of sales) during 2016 in plant, equipment and real estate assets, the CEO added. (Argaam) Almarai: SAR69.00 as of 16 January 2017, Rating: Neutral, TP: SAR54.50 per share, MCap: USD14,720 million, ALMARAI AB / 2280.SE
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