Almarai appoints Fawaz Al-Jasser as new CEO
Long-serving executive replaces Abdullah Albader as Q3 net profit rises 7.5% to SR613 million.
SAUDI ARABIA – Almarai has appointed Fawaz bin Mohammed Al-Jasser as its new Chief Executive Officer, effective 16 January.
He will succeed Abdullah bin Nasser Albader, who resigned from the position citing personal reasons.
Al-Jasser brings nearly 20 years of experience within Almarai, having held senior leadership roles across multiple divisions, including bakery, seafood and human resources.
He also served as general manager of Teeba Company, the group’s subsidiary in Jordan. Al-Jasser holds a postgraduate degree in Business Administration from the University of Leicester.
The leadership change comes as the Saudi Arabian food-and-beverage group continues to deliver steady financial results. For the quarter ending 30 September, Almarai reported sales of SR5.55 billion (US$1.47 billion), a 6.6% increase compared with the same period last year.
The company attributed the growth to strong performance across its major markets and channels, supported by higher volumes in poultry, dairy, food and bottled water.
Gross profit for the period rose 4.6% to SR1.74 billion (US$463.62M), while operating profit increased 2% to SR757.27 million (US$201.78M). Net profit reached SR613.2 million (US$163.39M), marking a 7.5% rise year-on-year, which the company linked to disciplined cost control, a favourable product mix and lower funding costs.
Over the first nine months of the year, Almarai generated sales of SR16.61 billion (US$4.43B), up 5% from the same period a year earlier. Gross profit grew 2.9% to SR5.23 billion, with operating profit rising 1.7% to SR2.44 billion (US$650.14M). Net profit for the nine-month period reached SR1.99 billion (US$530.24M), reflecting a 5.78% increase.
Earlier in the year, Almarai announced that its planned acquisition of Jordan-based Hammoudeh Food Industries had been cancelled.
The SR263 million (US$70.08M) agreement, initially announced in October last year, was not completed after the seller failed to meet certain conditions required to finalise the transaction.
Almarai said the circumstances were beyond its control and confirmed the deal’s termination in a formal statement.
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