26 Sep 2022 17:19

Makfa starts exporting flour to Saudi Arabia, to supply 5,000 tonnes by March 2023

MOSCOW. Sept 26 (Interfax) - The Makfa company, one of Russia's leading manufacturers of flour and pasta, plans to export 5,000 tonnes of flour to Saudi Arabia by March 2023, Anton Belousov, Managing Director of JSC Makfa, said at a press conference on Monday in Moscow.

"We have now signed a large contract with Saudi Arabia for flour. We have shipped the first consignment, and plan to deliver a total of 5,000 tonnes by March. This is indeed a serious result for us," Belousov said at the press conference.

Referring to Agroexport center's data developed as an export guide for Saudi Arabia's flour and pasta market, Belousov said that the country's flour market was rapidly growing by up to 10% per year, and the consumption level is high.

Belousov also said that the company's products are supplied to more than 25 countries worldwide. "We have been operating in the Commonwealth of Independent States (CIS) market for a long time," he said.

Makfa's production facilities of are located in the Chelyabinsk, Sverdlovsk, and Kurgan regions; in the Altai and Stavropol territories; as well as in the Moscow Region.

According to Makfa's financial statement, the company generated revenue of 22.157 billion rubles to Russian Accounting Standards (RAS) in 2021, a rise of 6.5% year-on-year; though net profit decreased 33.3% to 1.54 billion rubles.