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ALMUNAJEM
28 April, 2024 15:40
Almunajem Foods Co. Announces establishing a food factory in Jeddah
| Element List | Explanation |
|---|---|
| Introduction | As part of the Company's endeavors to achieve its strategy and enhance local content, Almunajem Foods Co. announces the approval of its Board of Directors to establish a factory with a production capacity of 35 thousand tons annually, to produce some poultry, red meat, seafood, and dairy products. The factory will be built on a land with total area of 56 thousand sq.m in Jeddah’s 3rd industrial city. |
| Date of Board Resolution in Regard to the Project | 2024-04-28 Corresponding to 1445-10-19 |
| Project Start Date | Third Quarter 2024, after obtaining the necessary approvals. |
| Project Cost | SAR 157 Million approximately. |
| Financing method for the project | This project will be partly self-financed and partly from other external sources. |
| Expected completion date of the project | First Quarter 2026. |
| Expected Financial Impact of the Project on the Company’s Results | It is expected that the project will have a positive impact on the Company’s results after commencement of operations. |
| The Start of the Expected Impact of the Project on the Company’s Results | First Quarter 2026. |
| Expected Date for the Pilot Production of the Project to Begin | N/A |
| Duration of the pilot production of the project | N/A |
| Expected date for the commercial production of the project | First Quarter 2026. |
| Executing Party/Counter Party in the Project/Contract | N/A |
| Related Parties | N/A |
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