RIYADH: Development Works Food Company’s transfer to the main Saudi stock market, TASI, will enable and support the company’s growth and expansion, according CEO Hesham Al-Mogren.
DWF moved on Nov. 17 from the parallel market Nomu to the TASI market with 3 million shares.
Speaking to CNBC Arabia, Al-Mogren pointed out that the company has set out a strategic plan for the next few years to expand its activities, and they expect to exceed SR200 million ($53.2 million) in annual sales volume for the next few years.
The company aims to expand across Saudi Arabia with over SR50 million of investment, then plans to expand in the Gulf countries.
The company has more than 65 branches and aims to reach 100 branches in the next year, with finance coming from the company’s liquidity, in addition to resorting to borrowing from banks.
