Leisure & Hospitality Tanmiah Food’s 2023 profit falls 59% on pricing pressure By Pramod Kumar February 11, 2024, 6:08 AM Unsplash/Artem Beliaikin Fresh poultry sales, making 83% of the company’s revenues, increased 18% year on year to SAR1.72 billion Saudi-listed Tanmiah Food Company’s net profit for 2023 fell 59 percent year on year to SAR75.9 million ($20.24 million) on lower subsidy payout, increasing pricing pressure, and continued expansion of fresh poultry and Popeyes stores. Revenues rose 21 percent to SAR2.09 billion last year, primarily due to increased sales volumes, enhanced geographical coverage and channel expansion. Fresh poultry sales, making 83 percent of the company’s revenues, increased 18 percent year on year to SAR1.7 billion. Food franchise operator revenues increased nearly three-fold to SAR88.2 million annually. “Our solid financial performance during the year was largely supported by the sustained expansion of our production capacity and our focused marketing and distribution activities,” said CEO Zulfiqar Hamadani. Capex increased to SAR222.5 million in 2023 from SAR160.5 million in 2022. The planned capital expenditure in the next five years will focus on ramping up primary processing, feed milling and hatching capacities, in addition to expanding food franchise operations. The company’s Q3 2023 net profit fell 79 percent year on year to SAR26.4 million, but revenue jumped 20 percent annually to SAR576.2 million.
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 4 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 3 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 3 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 2 hours ago
