LT Foods Limited, a global FMCG company, has entered the Saudi Arabian retail market with the opening of a new office in Riyadh. This move aims to tap into the Kingdom’s $2 billion rice and rice-based food market, reflecting the company’s strategy to expand its global footprint.
LT Foods registers 18% revenue growth, 21% profit surge
For now, LT Foods generates $1 billion in global revenue and has sustained 18 years of revenue growth at 18% and profit growth at 21%.
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However, the Riyadh office will address the growing demand for authentic rice and rice-based products among Saudi consumers. This office will also serve as a hub for LT Foods’ regional operations, leveraging its expertise to cater to the local culinary preferences.
Meanwhile, LT Foods is set to invest SAR 185 million in warehousing, inventory, and personnel over the next five years, targeting a revenue of SAR 435 million during the same period.
Further, the company, with Saudi Agricultural and Livestock Investment Company (SALIC) as a strategic shareholder, is also preparing to establish local manufacturing facilities in Saudi Arabia.
DAAWAT, Hadeel, and Mufaddal, part of Saudi Arabia – MD
“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 strategic shareholder in LT Foods, we are now expanding our footprint in the KSA with warehouses and are prepared to establish local manufacturing,” said Vijay Arora, Chairman and Managing Director, LT Foods.
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Adding further, Gursajan Arora, CEO – Middle East Business, LT Foods, stated, “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. We are confident in our ability to strengthen our market presence, drive sustainable growth, and continue delivering exceptional value to all our stakeholders.”
