Balady Poultry says average return/bird down SAR 0.25 in Q3 2024

Turki bin Hashbal, CEO of Balady Poultry Trading Co.

Balady Poultry Trading Co. is laying out a strategic plan for the upcoming five-year period, which targets huge expansions and the planned transition to the Main Market (TASI), CEO Turki Al-Shahrani told Argaam.

The top executive indicated that the company’s net profit rose by 17.2% in Q3 2024 to about SAR 28 million, from SAR 23.9 million in Q3 2023.

He also noted that the average revenue per bird was down by SAR 0.25 in Q3 2024, compared to the same quarter a year earlier, as a result of the decline in demand and the increase in supply.

The company's average daily production amounted to 187,000 birds in Q3 2024, compared to about 163,000 birds per day in Q3 2023. This reflected a significant uptick in its production capacity, said the top executive.

The Southern Province topped the list with the highest demand for the company's products during the third quarter of this year, he added.

The CEO expects Balady Poultry to maintain stable results in Q4 2024, longing for better results than the previous quarter.