Abu Dhabi – Mubasher: The board of Agthia Group has approved to invest AED 90 million to construct a manufacturing facility for Nabil, the company’s protein business in Saudi Arabia’s Jeddah.
The capital expenditures (CapEx) are expected to start in the upcoming months, and the new facility is forecast to record the first sales in the second half (H2) of 2023, according to a press release.
The project comes in line with Agthia’s objective to strengthen its position in the Kingdom and the MENA consumer packaged goods sector.
The Chairman of Agthia Group, Khalifa Sultan Al Suwaidi, said: "Agthia’s greenfield investment in Saudi Arabia would enable significant progress towards our long-term profitability target and our commitment to deliver on our growth strategy to become a regional leader by 2025."
The CEO of Agthia Group, Alan Smith, said: "Nabil Foods has a well-established business in KSA. This investment will allow us to further drive the growth of our protein vertical while offering the right product quality compliant with local regulations."
It is worth noting that during the first quarter (Q1) of 2022, the UAE-based company logged net profits attributable to the owner of AED 82.19 million, an annual leap of 64% from AED 49.58 million.
