Naadik boosts protein sales for red meat market
Saudi company Nadec is striving to enhance growth in the protein sector and develop packaged meat products. Revenues in this sector have doubled in the third quarter, increasing by 69.1% over the first nine months of the year, accounting for about 14% of the company's total revenue. Despite rising costs—including an increase of 56 million riyals in feed and shipping expenses—company profits declined by 72.5% in the third quarter, reaching 30.4 million riyals. Nadec is investing in strengthening the red meat supply chain by establishing a slaughterhouse in Hurrat and acquiring Al-Ra'i National for Livestock, in addition to its partnership with Hilton Foods to boost meat production and processing to launch ready-to-eat products tailored for the local market. The company is focusing on diversifying its revenue streams through expanding its packaged products and improving operational efficiency to achieve sustainable returns, with the goal of increasing its share in the packaged meat market and expanding its presence within the Saudi market and regional markets.
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