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Saudi EXIM Bank's H1 credit facilities surge 44% to $6.29bn
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Argaam
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Almunajem CEO: Demand steady for most products, gradual improvement seen by Q3-end
Almunajem Foods Co. 's CEO, Thamer Abanumay told Argaam that demand remains relatively stable across most food product categories, with continued growth in certain segments. Meanwhile, prices have generally stabilized on enhanced supply chain efficiency and expanded supplier base. Abanumay saw a gradual demand rebound by the end of the third quarter, as the summer holiday is ending and the back-to-school season looming. The key challenges in the frozen poultry market are the domestic oversupply, while a segment of consumers prefer the fresh poultry, portions, as well as the processed products. Commenting on the company's financial results, Abanumay noted that the local oversupply weighed on profit margins in both red and white meat categories, and particularly poultry, which has been facing price pressures since the end of last year. This was coupled with higher operating expenses, driven by setting up a logistics services subsidiary, and the company's entry into the fresh poultry segment at the beginning of the year. All regions have seen rising demand, particularly the Central and Western regions. Revenue declined by 3.5% due to lower red and white meat sales, as retail frozen poultry prices fell 14% year-on-year (YoY), despite a 3.2% increase in total sales volumes and a 10% rise in sales of other categories. Additionally, the financial impact from expanding Almunajem's stake in Balady Poultry Co. to 40% amounted to SAR 4.2 million in Q2 2025, said Abanumay, noting that the bigger impact will appear through the strategic partnership in the fresh poultry sector, while providing value-added products to consumers. Almunajem's net profit fell 60% to SAR 71 million for H1 2025, compared to SAR 177.8 million a year earlier with Q2 net earnings at SAR 31 million (-51%).
