ZURICH: Swiss food giant Nestle said Thursday that strong coffee sales helped raise overall turnover by 1.3 percent in the first quarter of the year.
Global sales rose to 21.1 billion Swiss francs (19.1 billion euros, $22.9 billion), an earnings statement said.
Nestle’s measure of so-called organic growth, which strips out effects from acquisitions, divestments and foreign exchange movements, jumped by 7.7 percent in the first three months of 2021, as the group increased its share of growing markets, the statement added.
But the Swiss franc’s strength against other major currencies meant that once global sales were converted, the overall figure was reduced by 5.3 percent, while various divestments trimmed an additional 1.0 percent, the statement said.
Nestle is transforming its portfolio of brands and has begun to increase its offer of vegetarian products to accompany a global trend, for example.
And while “coffee was the largest contributor to growth” owing to strong demand for its Nespresso, Nescafe and Starbucks brands, dairy products and pet food also contributed to the increase in organic growth.
“Vegetarian and plant-based food offerings continued to see strong double-digit growth” as well, the group noted.
Nestle has benefited from the coronavirus pandemic in that demand via supermarkets remained strong, but sales to restaurants and other food outlets suffered in 2020.
In the first months of this year, “retail sales saw solid growth and out-of-home channels saw signs of improvement,” Nestle chief executive Mark Schneider said in the company statement.
The group confirmed its 2021 full-year forecast for “sustained mid-single digit organic growth,” which suggests something on the order of 5 percent.
Strong coffee sales gives Nestle first quarter boost
https://arab.news/93a5r
Strong coffee sales gives Nestle first quarter boost
Arab Energy Fund takes minority stake in Saudi energy firm APSCO
RIYADH: The Arab Energy Fund has acquired a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing one of the Kingdom’s largest private energy solutions providers as it looks to expand across the Middle East and beyond.
The investment initiates a partnership aimed at pursuing opportunities across the Middle East, North Africa, and select international markets, covering APSCO’s core and adjacent business sectors.
The move underscores TAEF’s commitment to investing in established regional leaders while promoting innovation and sustainable growth across the energy value chain.
According to a press release, the transaction marks The Arab Energy Fund’s first investment of 2026, following an active 2025 during which the fund completed several key deals, including investments in Jafurah Midstream Gas Co. alongside BlackRock and in the platform Tagaddod.
Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, commented on the deal, saying: “APSCO represents a unique platform with strong fundamentals and a proven track record in critical energy segments.”
He added: “This investment aligns with our mandate to support high-quality energy and energy-adjacent businesses that are well-positioned to capture growth across the region and beyond.”
The Arab Energy Fund is a multilateral impact financial institution established in 1974 by 10 Arab oil-exporting countries.
Mohammed Ali Ibrahim Alireza, managing director, APSCO, said: “We welcome The Arab Energy Fund as a strategic partner supporting our next phase of growth.”
He added: “As a pioneer in energy solutions for over 60 years, APSCO remains committed to quality, reliability, and innovation, while continuing to contribute to Vision 2030 by enhancing efficiency and minimizing environmental impact.”
The partnership is designed to bolster APSCO’s long-term growth strategy, operational excellence, and geographic expansion, leveraging TAEF’s regional expertise and institutional network.
APSCO is a Saudi energy company with more than 60 years of experience in integrated energy solutions, including aviation fuels, lubricants, and a nationwide automotive retail network.
The company holds long-term partnerships with global energy leaders, including a 60-year relationship with ExxonMobil for lubricant distribution across several Middle Eastern countries. Since 1999, APSCO has also been the exclusive aviation fueling services provider for Saudia.
