Latest news with #JADCO
Argaam
25-03-2025
- Business
- Argaam
Al-Jouf Agricultural joins Industrial Sector Competitiveness Program
Al-Jouf Agricultural Development Co. (JADCO) joined the Industrial Sector Competitiveness Program, which aims to offset the impact of fuel price adjustment, according to a Tadawul statement. The company signed an agreement with the program to provide several solutions, with the aim of helping improve the efficiency and type of energy sources used in industrial facilities. The program will contribute to reducing production costs, the statement said. Therefore, the financial impact on the cost of production decreased by approximately 1%, falling from nearly 7% to 6%, according to the company's latest audited annual financial statements for 2024. This impact is expected to appear starting Q1 2025. The company emphasized that it will work to explore additional ways to raise production efficiency and reduce costs in the coming period. In January, Al-Jouf Agricultural received a notice from Saudi Aramco on raising the prices of fuel products used in the company's production and distribution processes as of Jan. 1, according to Argaam data.
Argaam
27-02-2025
- Business
- Argaam
JADCO's industrial segment ‘most profitable' in Q4 2024: CEO
Mazen Badawood, CEO at Al Jouf Agricultural Development Co. (JADCO), said that the industrial segment was the most profitable in Q4 2024, aligning with the company's strategy to transform into an agri-industrial player. The segment largely contributed to the company's fourth-quarter performance amid lower agricultural sales of wheat. In an interview with Argaam, Badawood said that the fourth-quarter results reflect operating profits, compared to SAR 16.5 million in Q4 2023, including nearly SAR 9 million from assessing the company's investments in Egypt. Operating profits in Q4 2024 rose about 9.3% from SAR 7.5 million in the year-earlier period, marking strong growth. JADCO's higher revenue was driven by an increase in industrial sales of olive oil and fries following the commercial operation of the fries factory in mid-December 2023, which in turn offset lower agricultural sales in the fourth quarter. Badawood added that the company holds the leading position as a producer and seller of organic extra virgin olive oil in the Saudi market and is the largest producer of French fries, ranking among top players by market share. JADCO currently focuses on boosting its market share in olive oil and French fries, which requires an increase in production volumes. Accordingly, the company announced the expansion of its French fries plant to boost its production capacity by 50%, reaching an annual production capacity of over 50,000 tons. He added that the company is working on expanding its olive oil extraction and production lines, continuing to increase both its production and market presence in the Saudi market for these products. He mentioned that the Saudi market is promising and strong, with a general annual increase in demand for food products. At the same time, competition among companies offering these products is intensifying. JADCO aims to ensure that its products are the first choice for consumers by guaranteeing high quality, availability, and affordability, especially since Al Jouf products have gained significant consumer trust as a high-quality national brand. Meanwhile, the CEO pointed out that the first quarter of 2025 is one of the most important periods of the year due to the seasonality of Ramadan, during which demand for food products generally increases, particularly for the company's manufactured products such as olive oil and French fries. He expects that the sales growth during this seasonal period will positively impact the company's first-quarter results.
