Almarai Company SJSC Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Saul Rans - Morgan Stanley - Analyst : Saul Rans from Morgan Stanley. Two topics if I may. The first one, just really picking up on the last question really. I guess a lot of us are maybe slightly struggling because there's a lot of noise from price changes and from sales of your lower value-add products and base effects and so on. If we just look at the -- if I can ask you to look at the strength, your impression of the strength that consumer demand in the Saudi market in the fourth quarter, in your core product areas of dairy, juice, bakery, poultry, just in terms of the demand -- the volume demand, ignore the pricing. Do you think that demand picture has got stronger in Q4 compared with where it was in Q3? Or is it kind of more flatline just in terms of the health of the consumer and how do you feel that is going into 2022? That's my first question. And then the second one -- we saw the news just a few weeks ago to three weeks ago from [BRF] and [PIF] regarding the intentional hope to localize poultry production in Saudi. Wonder if you feel it has any implications at all for your plans regarding your own Phase 2. That would be my second question.