Almarai’s price increases in July was to offset higher alfalfa cost: CEO
Almarai Co. [2280.SE] increased prices for some of its fresh dairy products earlier in Jul 2018 to offset the rising costs of alfalfa imports after the government’s ban on cultivation of fodder crops in Saudi Arabia by the beginning of 2019, CEO Georges P. Schorderet said. Consumers are unlikely to be affected by the higher costs in the short term due to government subsidies, but market conditions could change going forward, Schorderet added. On another note, the company is not targeting any large acquisitions in 2019, he noted.
Almarai: SAR51.60 as of 6 Dec. 2018, Rating: Buy, TP: SAR56.00/share, MCap: USD13,670mn, ALMARAI AB/2280.SE
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