L T Foods announced its official entry into Saudi Arabia with the inauguration of a new office in Riyadh, to tap the U.S. $ 2 billion rice and rice based food market in Kingdom of Saudi Arabia (KSA).
The move is part of the company's strategic vision of expanding its global footprint to newer geographies. Today, LT Foods generates U.S. $ 1 billion in global revenue, demonstrating an established track record of sustained Year-on-Year (YoY) profit growth. It has delivered 18 years of Revenue CAGR of 18% and a Profit CAGR of 21%.
With its new office in Riyadh, the company is set to revolutionize 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 SAR 185 million in warehousing, stocks, and people over the next five years in the Kingdom. It is eyeing a revenue of SAR 435 million 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.