Jeddah, KSA- gulftech: Savola Group – a leading strategic investment holding group in the food and retail sectors across the MENA region (Middle East and North Africa) – announced its interim financial results for the 2nd Quarter and the period ended on 30-06-2022 (six months), which revealed that the net profit for the current quarter has reached SAR 214 million in comparison to SAR 200 million for the quarter ended 30 June 2021, an increase of 7%. This brings the net profit for the first half 2022 to SAR 485 million in comparison to SAR 354 million for the period ended 30 June 2021, an increase of 37%.
Savola Group achieved revenues of SAR 14.4 billion for the 1st half of 2022 compared to SAR 11.9 billion for the same period of last year, an increase of 21%.
The increase in the Group’s profit for the 1st half of 2022 is mainly attributed to the increase in gross profit primarily due to improved pricing and higher sales volume in the food processing segment, and higher share of profits from associates. The increase in net profit is despite the higher operating expenses; higher net finance cost; and higher zakat and income-tax expense.
Founded in 1979, Savola Group invests in the food and retail sectors across MENA. It operates Savola Food Company, which produces and exports everyday household products including oil, sugar, and pasta in more than 50 countries around the world. It also invests in the retail sector, notably in the largest grocery store chain (Panda), with 195 stores in more than 42 cities across the Kingdom of Saudi Arabia and Egypt. Savola also owns a stake of 34.52% in Almarai dairy company and a stake of 51% in Alkabeer Group for frozen foods. Savola also owns the largest stake (49%) in Herfy Food Services Company, which manages 387 outlets.
