RIYADH: AlMunajem Foods business is expected to grow by 4.6 percent in the coming years to reach SR272 billion ($72.5 billion) in 2024, CEO Thamer Abanumay said. The company has laid down three main pillars of growth for the coming period to enhance profits and revenues, Abanumay told Al Arabiya. The pillars consist of product growth and the addition of new products, improvement of sales channels while enhancing the company"s presence in the food sector in the Kingdom, and the vertical integration of products and exploring new opportunities, he said. Abanumay said that the company currently imports 250,000 metric tons annually, and sells 280,000 tons to its customers. Sales volume is SR2.5 billion per year, he said. AlMunajem announced on Thursday its intention to offer part of its shares for IPO, and to list its shares on the main market at the Saudi Tadawul. The IPO process consists of offering 18 million shares, representing 30 percent of the company"s capital, the company said in a statement. Abanumay said the company aims through this IPO to institutionalize the company, enhance its value and brands, and diversify sources of funding for future growth and expansion. The food sector in Saudi Arabia is promising, and the pace of growth in the coming period is expected to increase, according to AlMunajem CEO. Abanumay attributed his expectations to economic diversification and incentives by the government with the support of initiatives such as the Quality of Life Initiative, promoting tourism, Hajj and Umrah programs, and localizing jobs.