Decrease in “development” profits to 18.9 million riyals in the first quarter of 2025

The profits of the Food Development Company “Development” decreased in the first quarter of 2025 by 10% to 18.9 million riyals, compared to 21 million riyals in the same quarter of last year.
This is mainly due to the rise in diesel prices, which affected all business sectors and market pressure on the fresh poultry sector, which affected the selling prices. The high financing costs also affected profits, as development has used project financing facilities to support expansion plans in production capacity.
The net profit belonging to the shareholders was subjected to pressure in the first quarter of 2025, as it decreased by 29.5% on a quarterly basis, due mainly to the rise in diesel prices that affected all business sectors and market pressure on the fresh poultry sector, which affected the selling prices. In addition to the impact of the high operating costs in line with the raising of the production capacity of fresh poultry and the expansion of the Pobies restaurants.
Today, the Board of Directors of the Food Development Company recommended distributing cash dividends to shareholders for the fiscal year 2024.
The company said: The total amount distributed is 44.8 million riyals, while the share share of the distribution is 2.24 riyals per share.
She added that the date of the eligibility for the criticism distributions of shareholders owned by shares registered in the company’s shareholders’ record at the Securities Depository Center Company (Deposit) will be at the end of the second trading day that follows the day of the company’s general assembly meeting (the date of entitlement), which will be announced later.
She noted the determination of the distribution date later.