Development Works Food allocates SAR 50 mln for expansions, eyes 85 new branches in 2 years: CEO

Logo of Development Works Food Co.

Development Works Food Co. (DWF) developed a three-year strategic plan to expand in the existing activities and implement new acquisitions. The company allocated SAR 50 million to extend its presence in all regions across the Kingdom as well as the GCC, Chief Executive Officer (CEO) Hesham AlMogren told CNBC Arabia.

The company will focus on local acquisitions, but will also study opportunities abroad, if feasible. DWF currently operates through 65 branches. It targets opening 100 branches in 2022 and 150 branches within the next two years.

Moreover, the company has robust liquidity to achieve its strategic objectives, AlMogren affirmed, adding that it may not have to borrow from banks. Its outstanding debts currently stand at SAR 72 million.

DWF’s sales are likely to see higher than expected growth to over SAR 200 million in the coming years, AlMogren added, noting that the company has overcome the COVID-19 pandemic.

The company swung to a net profit after Zakat and tax of SAR 3.4 million for the nine-month period ended Sept. 30, 2021, against a net loss of SAR 5.4 million in the year-earlier period. The third-quarter net profit rose 17% year-on-year to SAR 770,000.