https://arab.news/w7dyk
RIYADH: Kuwait-based Aleid Foods is looking to strengthen its position in the Gulf, with a potential dual listing, and plans to expand across five regional cities.
With its shares already traded on the Kuwaiti bourse, Aleid Foods is targeting Dubai and Saudi Arabia for listing, CEO Mohammad Al-Mutairi told CNBC Arabia.
The company got its shareholders' approval to proceed with the plan in the general assembly meeting held on April 24, according to a statement.
This is a first step towards the firm’s long-term regional expansion strategy that includes doubling the company’s profits by 2025, Al-Mutairi said.
He added that 2021 was an “exceptional year” for the company, with its stock price jumping 290 percent year-on-year.
In terms of profitability, Aleid Foods’ profit grew by 40 percent to 2.2 million Kuwaiti dinars ($7.2 million), and revenue went up by 31 percent during 2021.