SAR reporting

Almarai · 2280.SR

Dairy / poultry / Fondomonte (Argentina) farmland · Filing

Acres: 124,000
Book / acre: SAR 202,363
Market cap (USD): $12,312M
EV / acre (USD): $121,085

Sector KPIs

Non-ag revenue: 5%

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (SAR M)	FMV (SAR M)	Note
Land / property	25,093	515	Per-property breakdown below
PP&E (mills, plants, machinery)	10,007	—	Net of accumulated depreciation
Inventory	2,657	—
Intangibles + goodwill	814	—	Excluded from tangible total
Tangible total (ex-cash)	37,757	13,179
+ Cash & equivalents	528	528
Tangible total (incl. cash)	38,285	13,707
Reported total assets (BS)	32,800	—	Latest period 2024-12-31

Tangible book

SAR 38,285M

117% of total assets

Market cap

SAR 46,200M

121% of tangible book

Enterprise value

SAR 56,340M

147% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

SAR 515M

Range SAR 438–593M · 124,001 acres

FMV vs. book

-97.9%

Book SAR 24,500M · FMV SAR 515M

Implied NAV / share

SAR -9.62

Range SAR -9.70–-9.55

Live price vs. FMV NAV

—

Local price 46.20 SAR

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (5 of 5 properties): typical 7.3–10.2%

Reported NOI

SAR 5,324M

Cap rate at comp-based FMV

1032.98%

Range 898.25–1215.28%

Verdict

Above typical — comp-based FMV may be conservative vs yield benchmark

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book SAR/acre	Avg FMV SAR/acre	Book (SAR M)	FMV (SAR M)	FMV range (SAR M)	FMV vs book
Saudi dairy operations (largest in Middle East)	1	50,000	160,000	4,000	8,000	200	170–230	-97.5%
Saudi forage farms (dairy support)	1	35,000	42,857	5,500	1,500	193	164–221	-87.2%
Argentine fodder farmland (Fondomonte)	1	35,000	5,714	3,500	200	123	104–141	-38.8%
Downstream processing (not farmland)	1	4,000	3,000,000	100	12,000	0	0–0	-100.0%
Distribution (not farmland)	1	1	2,800,000,000	100	2,800	0	0–0	-100.0%
Total	5	124,001	197,579	4,156	24,500	515	438–593	-97.9%

Properties

5-row breakdown explicitly separating farmland (Fondomonte + Saudi forage) from dairy/poultry/bakery downstream. Farmland-relevant share is ~7% of Almarai total enterprise.

Property	Category / crop	Acres	Acquired	Cost (SAR M)	Book (SAR M)	SAR/acre book	FMV SAR/acre	FMV (SAR M)	vs book	Comps
Dairy operations — 175,000+ cattle herds Saudi Arabia (Al-Kharj + others)	Saudi dairy operations (largest in Middle East) Dairy operating area + integrated production	50,000	—	—	8,000	160,000	4,000 3,400–4,600	200	-97.5%	SA-IRRIGATED-2024 Largest dairy operation in Middle East; per-acre value driven primarily by dairy infrastructure rather than land
Saudi forage farms (3 farms in Hail + 1 in Al-Kharj) Hail + Al-Kharj, Saudi Arabia	Saudi forage farms (dairy support) Forage crops (alfalfa, Rhodes grass) supporting dairy	35,000	—	—	1,500	42,857	5,500 4,675–6,325	192.5	-87.2%	SA-IRRIGATED-2024 Saudi forage farms supporting Almarai's dairy operations
Fondomonte Argentina farmland (San Luis + La Pampa) San Luis + La Pampa Provinces, Argentina	Argentine fodder farmland (Fondomonte) Alfalfa + fodder (export to Saudi feedlots)	35,000	—	—	200	5,714	3,500 2,975–4,025	122.5	-38.8%	AR-FONDOMONTE-2024 Fondomonte ~14,000 ha Argentine farmland producing alfalfa for export to Saudi dairy operations; 2024 Argentine pampas comps $3,000-4,000/acre USD
Poultry + bakery + processing facilities (downstream) Saudi Arabia + GCC	Downstream processing (not farmland) Poultry farms + bakeries (Western Bakeries) + Modern Food Industries	4,000	—	—	12,000	3,000,000	100 85–115	0.4	-100.0%	— Per-acre meaningless; placeholder for poultry + bakery + processing fixed assets
Distribution + retail + cold chain GCC region	Distribution (not farmland) Distribution centers + retail facilities	1	—	—	2,800	2,800,000,000	100 85–115	0	-100.0%	— Per-acre meaningless; placeholder for distribution + cold chain assets

Comparable land transactions and surveys

2 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
SA-IRRIGATED-2024	Saudi Arabian irrigated agricultural land — center pivot operations	Saudi Arabia (Hail / Wadi al-Dawasir)	—	$6,500	Nov 2024	Saudi Ministry of Agriculture + IGI broker reports 2024
AR-FONDOMONTE-2024	Argentine Fondomonte (Almarai-owned) Argentine farmland for fodder export	San Luis / La Pampa, Argentina	—	$3,500	Sep 2024	Argentine ag broker reports + Almarai 2024 disclosures

Methodology

Almarai is the largest dairy company in the Middle East. The farmland exposure is small relative to total enterprise value — most of the SAR 25,093M Net PP&E reflects dairy plants, poultry processing, bakeries, and distribution. This refined 5-row breakdown explicitly separates farmland from processing: Farmland-relevant rows (~$1.7B book): - Fondomonte Argentina (35K acres): the most identifiable farmland asset — alfalfa for export to Saudi feedlots - Saudi forage farms (35K acres): supporting Almarai's dairy operations - Dairy operating land (50K acres): land + dairy facilities Non-farmland rows ($14.8B book): - Poultry + bakery + processing (Hael Farms + Western Bakeries + Modern Food Industries) - Distribution + retail + cold chain The farmland-only carve-out (Fondomonte + Saudi forage) is roughly $1.7B of the SAR 25.1B Net PP&E. For pure-farmland comp purposes, Almarai's farmland share is ~7% of total enterprise. The bulk of Almarai's value is downstream branded dairy/poultry/bakery — it shouldn't really be in a farmland comp set, and is included only because of Fondomonte. This refined breakdown makes the partial-farmland-vs-total ratio explicit so readers can adjust accordingly.