By: Islam Fadl
Cairo – Mubasher: Obour Land for Food Industries plans to build a dairy farm over an area of 44 feddans in Belbeis with investments worth EGP 255 million, the company’s vice chairman and CEO Ashraf Hamed said.
The food manufacturer has obtained a funding worth EGP $7 million (EGP 122 million) from the European Bank for Reconstruction and Development (EBRD) to be used to finance the establishment of the farm, Hamed added during a press conference on Monday.
The establishment of the farm, which has already received regulatory approval, will last for three years.
The farm is expected to start production by the second half of 2020, with expected output of 36,000 tonnes of milk annually.
Obour Land also signed a credit facility agreement with Catalyst Partners Leasing to obtain a funding worth EGP 200 million from the National Bank of Kuwait (NBK) to finance the company’s expansion plan.
The company’s chairman Mohamed Hamed said in a bourse disclosure that the company plans to inject more than EGP 200 million in investments during fiscal year 2019/2020.
It is worth mentioning that during the first nine months of 2019, the company’s net profits increased to EGP 240.58 million from EGP 180.2 million in the prior-year period, including minority shareholders’ rights.