LT Foods gains after foraying into Saudi Arabia; to invest SAR 185 million

The company plans to invest SAR 185 million in warehousing, stocks, and people over the next five years in the Kingdom. It is eyeing revenue of SAR 435 million over the next five years. With Saudi Agricultural and Livestock Investment Company (SALIC) as a strategic shareholder, the company will also 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.'

LT Foods is a leading player globally in the specialty rice and rice-based foods business. The company sells its products in more than 65 countries across India, the U.S., Europe, the Middle East, the Far East and the rest of the world.

The company's consolidated net profit declined 4.23% to Rs 150.61 crore on 6.57% increase in revenue from operations to Rs 2107.78 crore in Q2 FY25 over Q2 FY24.