Saudi Almarai Company, the largest dairy company in the Gulf, said today, Tuesday, that its board of directors has decided to appoint Badr Abdullah Al-Issa as a managing director.
This decision comes after the Board of Directors accepted the resignation of the company’s CEO, Majed Mazen Nofal, for personal reasons. Nofal has been in office since January.
The company recorded a 3.5 percent decline in net profit in the third quarter of the year due to the impact of sales on seasonal demand.
The kingdom’s sovereign wealth fund, the Public Investment Fund and the Savola Group, the kingdom’s largest food products group, are investing in Almarai.
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