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LT Foods expands its global footprint to Saudi Arabia
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Friday, 29 November, 2024, 12 : 00 PM [IST]
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Our Bureau, New Delhi
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LT Foods Ltd., a global Fast Moving Consumer Goods (FMCG) company in the consumer food space, has announced its official entry into Saudi Arabia with the inauguration of a new office in Riyadh, to tap the $2 billion rice and rice-based foodmarket in Kingdom of Saudi Arabia.
The move is part of the company’s strategic vision of expanding its global footprint to newer geographies. The company generates $1 billion in global revenue, demonstrating an established track record of sustained Year-on-Year (YoY) profit growth. It has delivered 18 years of Revenue CAGR of 18% and a Profit CAGR of 21%.
With its new office in Riyadh, the company is set to revolutionize the rice market in Saudi Arabia and meet consumers' growing demand for authentic and premium rice and rice-based food products. The new office will act as a hub for its regional operations, enabling the company to leverage its deep expertise in rice and rice-based food products that align with Saudi Arabian consumers' tastes and culinary traditions.
It plans to invest SAR 185 million in warehousing, stocks, and people over the next five years in the Kingdom. It is eyeing a revenue of SAR 435 million over the next five years. With Saudi Agricultural and Livestock Investment Company (SALIC) as a strategic shareholder, it is also gearing up to set up local manufacturing facilities in the Kingdom.
Vijay Arora, chairman & managing director, LT Foods, said, “We have built successful businesses in every market where we have set up our operations. We have provided quality products and premium food offerings to consumers. LT Foods has also added significant value to the economy and to its operations. We are now very excited to expand our footprint in Saudi Arabia. Our trusted brands, DAAWAT, Hadeel and Mufaddal, have long been a part of the Kingdom of Saudi Arabia (KSA). With SALIC being a stragetgic shareholder in LT Foods, we are now expanding our footprint in the KSA with warehouses and are prepared to establish local manufacturing.”
Gursajan Arora, CEO-Middle East Business, LT Foods, said, “Saudi Arabia is one of the largest importers of rice and a key market for us. We see tremendous potential for growth in the market and are excited to bring our legacy of quality, innovation, and trust to the region. With our Riyadh office, we aim to deepen our connections with local consumers and partners, tailoring our offerings to meet their specific preferences. We are confident in our ability to strengthen our market presence, drive sustainable growth, and continue delivering exceptional value to all our stakeholders.”
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