Saudi Arabia: Almarai acquires International Dairy and Juice stake from PepsiCo

Saudi Arabia based dairy firm Almarai has recently announced the purchase of a 48% stake in International Dairy and Juice from FMCG giant PepsiCo to become the 100% owner of the business

According to a report in The National, International Dairy and Juice was formed as a joint venture in 2009 via a partnership between Almarai and PepsiCo to produce and distribute food and beverages in Egypt and Jordan.

The 255 million SAR ($68 million) deal was reportedly funded by internal cash flows and concluded through Almarai subsidiary Almarai Investment Holding.

Almarai recently reported a 24% profit rise in Q4 2022, largely driven by an increase in sales in its poultry and bakery businesses. Sales in the dairy and juice businesses were also up but the value was offset by cost inflation in those sectors.

Source: The National