SAUDI Arabia’s Almarai, which reported a 12 per cent rise in first-quarter net profit, plans to invest $400 million on expansions of its current projects in Egypt.

The firm made a profit of SR306.5 million ($81.7 million) in the three months to March 31, up from SR273.6 million in the year-earlier period, according to a bourse statement.

First-quarter sales rose 11.7 per cent year on year to SR3.04 billion.

News reports say Almarai is also studying the possibility of acquiring other food and agriculture companies,
Almarai was said to be studying the acquisition of Dina Farms, a unit of Qalaa Holdings. The Saudi company is among several firms in the kingdom planning to expand their businesses in Egypt, among them being edible oil firm Savola and Jannat Agriculture Investment Company. In June 2014, Saudi-owned company Beyti, in which Almarai owns 52 per cent, announced plans to pump EGP4 billion ($524.1 million) in new investments in Egypt to establish a juice plant and two milk farms. Beyti is a subsidiary of the International Company for Dairy and Juice, and is also 48 per cent owned by Pepsico.

Abdul Rahman Abdul Mohsen Al-Fadly, CEO of Almarai, said his company has developed a five-year plan to expand operations.