Almunajem Foods forms supply partnership with Balady Poultry

Core Viewpoint - Almunajem Foods Co. and Balady Poultry have entered a seven-year processing and distribution partnership aimed at enhancing market share and operational efficiency in the poultry sector in Saudi Arabia [1][4] Group 1: Partnership Details - The partnership involves Balady Poultry producing and packaging poultry products for both companies under a profit-sharing agreement, while Almunajem Foods will handle marketing and distribution [1] - The agreement is designed to support shared growth and improve the quality of locally produced poultry products in the Saudi market [4] Group 2: Financial Performance - Almunajem Foods reported a 2.2% increase in revenue for Q3 2023, reaching SR816.1 million ($217.6 million), but experienced a 5.2% decline in operating profit to SR36.4 million and a 21.7% drop in net profit to SR31.7 million [5] - For the first nine months of 2023, Almunajem Foods' revenue decreased by 0.5% to SR2.51 billion, with operating profit down 46% to SR118.3 million and net profit down 52% to SR102.7 million [5] - Balady Poultry's Q3 revenue increased by 0.5% to SR218.9 million, but year-to-date revenue fell by 4.9% to SR634.1 million, with operating profit declining 67% for the quarter and 72% for the nine months [6] Group 3: Management Changes - Almunajem Foods announced the resignation of CEO Bin Abdulaziz Abanumay effective December 31, with Ali Hasan El Zain appointed as the new CEO starting January 1 [3]