LT Foods, a global FMCG company in the consumer food space, has announced its official entry into Saudi Arabia with the inauguration of a new office in Riyadh to tap into the country’s $2-billion (Dh7.3 billion) rice and rice-based food market. The move is part of the company’s strategic vision of expanding its global footprint to new geographies.
Today, LT Foods generates $1 billion in global revenue, demonstrating an established track record of sustained year-on-year profit growth. It has delivered 18 years of revenue CAGR of 18 per cent and a profit CAGR of 21 per cent. With its new office in Riyadh, the company is set to revolutionise the rice market in Saudi Arabia and meet consumers’ growing demand for authentic and premium rice and rice-based food products. The new office will act as a hub for LT Foods’ regional operations, enabling the company to leverage its deep expertise in rice and rice-based food products that align with Saudi Arabian consumers’ tastes and culinary traditions.
LT Foods plans to invest 185 million Saudi riyals (Dh181.2 million) in warehousing, stocks and people over the next five years in the kingdom. It is eyeing a revenue of 435 million Saudi riyals over the next five years. With Saudi Agricultural and Livestock Investment Company (SALIC) as a strategic shareholder, LT Foods is also gearing up to set up local manufacturing facilities in the kingdom. “We have built successful businesses in every market where we have set up our operations,” explains Vijay Arora, Chairman and Managing Director of LT Foods.
“We have provided quality products and premium food offerings to consumers. LT Foods has also added significant value to the economy and to its operations. We are now very excited to expand our footprint to Saudi Arabia. Our trusted brands, DAAWAT, Hadeel and Mufaddal, have long been a part of Saudi Arabia. With SALIC being a strategic shareholder in LT Foods, we are now expanding our footprint to the country with warehouses and are prepared to establish local manufacturing.” Saudi Arabia is one of the largest importers of rice and a key market for LT Foods, says Gursajan Arora, CEO – Middle East Business.
“We see tremendous potential for growth in the market and are excited to bring our legacy of quality, innovation and trust to the region. With our Riyadh office, we aim to deepen our connections with local consumers and partners, tailoring our offerings to meet their specific preferences. We are confident in our ability to strengthen our market presence, drive sustainable growth, and continue delivering exceptional value to all our stakeholders.”
LT Foods is a leading global player in the specialty rice and rice-based foods business for more than 70 years. The company delivers the finest quality and taste experiences in more than 80 countries including India, the US, and the UK in addition to others across Europe, the Middle East, the Far East and the rest of the world. Its flagship brands include DAAWAT, one of India’s most loved and consumed basmati brands, Royal, which is North America’s most loved brand, and many more. The company is expanding into the future food preferences of millennials by offering organic food in global markets and supplying organic food ingredients to leading businesses.
The company is committed to nurturing the goodness of food for people, the community and the planet. With a consolidated revenue of Rs78 billion (Dh3.39 billion) as of financial year ’24, LT Foods has an integrated farm to fork approach with a well-entrenched distribution network with global supply chain hubs backed by automated state-of-the-art and strategically located processing units in India, the US and Europe, and a robust distribution network with 1,400 plus distributors across the globe.
For further details please contact: Monika Chawla Jaggia, Chief Corporate Development Officer, LT Foods Limited , E-Mail: monika.jaggia@ltgroup.in, +91 9818200721
Mansha Urrahman Waris: Sr. Manager – Corporate Communications: LT Foods Limited , E-mail: mansha.waris@ltgroup.in , +91 9205430516
LT Foods Limited: Corporate Office Address: 4th Floor, MVL iPark, Sector – 15, Gurugram – 122001, Website: www.ltgroup.in
