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FINANCIAL NEWS
Brazil’s BRF eyes 20 percent growth in ME revenue
28 Nov 2014
(MENAFN) Brazil’s BRF, the world’s biggest poultry producer, announced that it aims to increase its revenues from the Middle East to at least 20 percent by 2020, helped by rising demand for frozen foods, Arabian Business reported.
The company, which opened its first Middle East production facility in Abu Dhabi, said that the factory will help it in increasing its production of breaded products such as chicken nuggets, and pizzas, burgers and other food items, and will employ 1.400 people.
The company said that the initial investment in the factory has reached USD160 million, though the group has plans to expand its production capacity by 30 percent to 100.000 tons by 2020.
The Middle East is BRF’s biggest export market and currently contributes 17 percent of group revenues, helped by its Sadia brand of products, which the company is planning to boost by its recent deals, which included it acquiring Abu Dhabi-based Federal Foods as well as buying 40 percent of Oman-based Al Khan Foods, and is close to completing an agreement with Kuwait-based Al Yasra Foods, with the total of these investments reaching USD200 million.
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