Almarai Co will invest SR2 billion ($533.3 million) to expand the business of Hail Agricultural Development Co (Hadco) it acquired recently. Chairman Prince Sultan Mohamed Saud Al-Kabeer Al-Saud said the Gulf's biggest dairy firm by market value would focus these investments on raising Hadco's poultry output fivefolds to an average of 120,000 chicken per hour. Almarai paid $253.2 million in cash and stock to complete its takeover last month and enter the lucrative poultry business. Almarai has been diversifying its revenues through acquisitions and has earmarked SR6 billion ($1.6 billion) for investments to expand outside the Gulf region. The acquisition is crucial for Almarai because it would allow the firm to enter the lucrative poultry business. A According to Dubai-based Shuaa Capital, Hadco is the kingdom's fourth largest poultry producer. Hadco produces olives, wheat, dates and grass fodder. Almarai has its own cattle farms.
