Saudi fast food chain operator Alamar records 20% growth in sales as outlets surpass 560

Saudi fast food chain franchiser Alamar Foods Co. recorded 20 percent annual growth in sales in 2021 as its total number of stores exceeded 560, CEO Filippo Sgatoni told Argaam.

This allowed the company to grow its sales to SR2.1 million ($559,702) for each store — up from SR1.6 million in 2019.

Alamar is a Saudi-based Quick Service Restaurant operator of two globally recognized brands: Domino’s and Dunkin.

Recently Alamar offered to participate in the stock market, setting its price range at SR103-115 per share, with 42 percent of its share capital put up through an initial public offering.

The IPO books were opened to institutional investors on June 20, and all shares were ordered within hours, Bloomberg reported citing people familiar with the matter.

Alamar operates stores in 11 Middle Eastern, North African, and Pakistani countries, with 50 percent of its stores located outside Saudi Arabia, up from 20 percent a decade ago.

Source: Arab News