Revenues from Nitaj’s food sector investments climb to RO 173m in 2023
Published: 04:06 PM,Jun 30,2024 | EDITED : 08:06 PM,Jun 30,2024
2705591
MUSCAT, JUNE 30
Food sector investments by Oman Food Investment Holding Company (Nitaj) – part of Oman Investment Authority (OIA) – have grown to a total of RO 457 million as of end-2023, fuelled by sustained expansion and diversification of the group across the food value chain.
As many as 11 project companies and subsidiaries collectively make up the Nitaj group, spanning the dairy, livestock, poultry grain imports and milling, bakery and food processing, animal feed, date cultivation and processing, agri-tourism, and veterinary medicine sectors.
Underpinning this growth is a commitment to enhancing food security, said Mohammed bin Suleiman al Harthy, CEO – Nitaj. “Over the past year, our united efforts have been focused on exploring diverse investment opportunities to enhance food sustainability in Oman and the wider region. Nitaj ventured into sectors such as education and health, backed innovative initiatives to combat food waste, and expanded agribusinesses to enhance food security and foster sustainable practices across various industries,” Al Harthy stated in the newly published 2023 Annual Report of Nitaj.
Significantly, revenues generated by the group climbed 4.5% to reach RO 173.611 million at the end of 2023, up from RO 166.103 million a year earlier. The lion’s share, amounting to RO 70.150 million, came from animal feed sales. Flour products contributed RO 42.135 million (up 7.2% from 2022 figures), while sales of milk and dairy products jumped 24% to RO 36.788 million. Bakery products earned RO 15.187 million in revenue (up 3.2% from 2022). Revenues from date sales grew 384% to RO 4.964 million.
Established in 2011 to support the growth of a sustainable food sector, Nitaj currently oversees 11 companies: Mazoon Dairy, Al Murooj Dairy, Al Bashayer Red Meat, Al Namaa Poultry, Nakheel Oman Development, Date Farms, Oman National Livestock (National Feed), Agritourism Development, National Veterinary Vaccines, Oman Flour Mills, Agricultural Production and Marketing (Basateen). As many as 21 leading brands are associated with these companies, whose products are marketed across 35 countries globally.
Food sector investments by Oman Food Investment Holding Company (Nitaj) – part of Oman Investment Authority (OIA) – have grown to a total of RO 457 million as of end-2023, fuelled by sustained expansion and diversification of the group across the food value chain.
As many as 11 project companies and subsidiaries collectively make up the Nitaj group, spanning the dairy, livestock, poultry grain imports and milling, bakery and food processing, animal feed, date cultivation and processing, agri-tourism, and veterinary medicine sectors.
Underpinning this growth is a commitment to enhancing food security, said Mohammed bin Suleiman al Harthy, CEO – Nitaj. “Over the past year, our united efforts have been focused on exploring diverse investment opportunities to enhance food sustainability in Oman and the wider region. Nitaj ventured into sectors such as education and health, backed innovative initiatives to combat food waste, and expanded agribusinesses to enhance food security and foster sustainable practices across various industries,” Al Harthy stated in the newly published 2023 Annual Report of Nitaj.
Significantly, revenues generated by the group climbed 4.5% to reach RO 173.611 million at the end of 2023, up from RO 166.103 million a year earlier. The lion’s share, amounting to RO 70.150 million, came from animal feed sales. Flour products contributed RO 42.135 million (up 7.2% from 2022 figures), while sales of milk and dairy products jumped 24% to RO 36.788 million. Bakery products earned RO 15.187 million in revenue (up 3.2% from 2022). Revenues from date sales grew 384% to RO 4.964 million.
Established in 2011 to support the growth of a sustainable food sector, Nitaj currently oversees 11 companies: Mazoon Dairy, Al Murooj Dairy, Al Bashayer Red Meat, Al Namaa Poultry, Nakheel Oman Development, Date Farms, Oman National Livestock (National Feed), Agritourism Development, National Veterinary Vaccines, Oman Flour Mills, Agricultural Production and Marketing (Basateen). As many as 21 leading brands are associated with these companies, whose products are marketed across 35 countries globally.