Sector News

Saudi’s Almarai appoints new chief executive

December 10, 2019
Consumer Packaged Goods

Saudi Arabia’s consumer goods company Almarai appointed Majed Nofal as its chief executive on Monday.

The company, which is the biggest producer of dairy products in the Middle East, said Mr Nofal will take over from Georges Schorderet from January 1.

Having been with the company for a number of years, Mr Nofal initially worked as chief financial officer of Western Bakeries Company (known as L’Usine) for seven years and then as chief executive after the company was acquired by Almarai. He was subsequently appointed as head of procurement, general manager for new business and as chief financial officer, before being appointed deputy CEO in July.

“In line with our plans, Mr. Georges P. Schorderet will handover on 31st December 2019, and continue to serve as an advisor to the board of directors,” Almarai said in a statement to the Saudi stock exchange, where its shares trade.

In a separate announcement, the company said it would propose a final dividend of 0.85 Saudi riyals (Dh0.83) per share, or a payout of about 8.5 per cent, for its 2019 financial year. A date for the payment will be announced after it receives approval from shareholders.

Mr Shorderet stepped back in to the chief executive role in July, having previously retired from the company, following the abrupt resignation of Alois Hofbauer, who had only taken up his post in April this year but then stepped back from the role for personal reasons.

The company made a profit attributable to shareholders of 581 million riyals in the third quarter. This was an 8.5 per cent decline on the same period a year earlier, despite a 7.7 per cent increase in revenue to 3.57 billion riyals. Profit for the nine-month period was down 8.6 per cent at 1.5 bn riyals, although revenue grew 4.6 per cent to 10.6 bn riyals.

The company made more than 60 per cent of its revenue in the quarter from dairy products, with the remainder coming from its fruit juices and bakery arms.

Source: The National

comments closed

Related News

May 17, 2024

IFF announces CFO retirement plan

Consumer Packaged Goods

IFF has announced that its chief financial and business transformation officer, Glenn Richter, will retire on 31 December 2024, following a three-year tenure with the company. IFF has initiated the process of selecting a successor for the CFO position, considering both internal and external candidates.

May 17, 2024

Saputo’s president and CEO to depart from role

Consumer Packaged Goods

Saputo has announced that its president and CEO, Lino Saputo, will transition to the role of executive chair of the board. The transition is set to take place on 9 August, when Carl Colizza, the company’s current president and COO for North America, will assume the position.

May 17, 2024

Nestlé to invest BRL 1bn to strengthen Brazilian coffee sector

Consumer Packaged Goods

The coffee giant said the funding will be used to install new tech, such as roasting equipment, increasing production line flexibility to make new products and flavours – including higher value-added products, – and technology updates to improve sustainability.

How can we help you?

We're easy to reach