Riyadh - Mubasher: The annual financial results of Food Development Company revealed that it achieved a growth in its net profits during the year 2024 by about 26.22%.

The company explained, according to a statement issued today, Sunday, on “Tadawul”, that the net profit after zakat and tax amounted to about 95.8 million riyals, compared to 76 million riyals in 2023.

The company said that net profit attributable to shareholders increased as a result of improved operational efficiency and cost rationalization.

Revenues increased by 22.5% in 2024 to reach SAR 2.56 billion, supported by the continued increase in fresh poultry production capacity, growth in fresh poultry sales volume, enhanced geographic coverage, increased marketing activity, and expanded channels.

As for the company’s profits during the last quarter of last year, they amounted to about 26.8 million riyals, compared to 26.4 million riyals in the comparable quarter of last year, an increase of 1.5%, and it also increased on a quarterly basis by about 11.2%, as the company’s profits in the third quarter amounted to about 24.1 million riyals.

The company said that the increase in profits during the fourth quarter of last year was a result of strong revenue performance and operational efficiency.