The Savola Group (Arabic: مجموعة صافولا) is a Saudi Arabian industrial company. The group's major holdings supply Saudi Arabia, the Middle East and North Africa, and Turkey with edible oils, sugar, fresh dairy products, and restaurants serving fast foods. The group also owns the largest grocery retailing chain in the Middle East, Panda Retail Company.
 | |
| Company type | Public |
|---|---|
| ISIN | SA0007879162  |
| Founded | January 10, 1979 |
| Headquarters | , |
Key people | |
| Revenue | SAR 24.669 billion (2021)[2] |
| Total assets | 26,657,711,000 Saudi riyal (2019) |
Number of employees | around 32,000 (2016) |
| Subsidiaries | Panda Retail Company & Savola Foods Company |
It is ranked as number 9 among top 100 companies in the Saudi Arabian market and ranked as number 2 among the industrial sector after SABIC. Savola has recently listed its Oils and Fats division in the Saudi Stock market under the name Afia International.[citation needed]
It was founded in 1979[3] as Saudi Vegetable Oils and Ghee Co., initially the company's business was importing and refining edible oil.[4]
Savola is the kingdom's biggest food company by revenue.[4]
According to Al-Waleed bin Talal, "This group was established by me and some of my allies...I'd created what you could call the 'Nestlé of the Middle East' – the Savola Group, which is a very dominant force in its field."[5]
Acquisitions
editIn 2009, Savola signed a deal with Alhokair Group to buy Geant supermarket outlets in Saudi Arabia.[6]
In October 2011, Savola bought 78% of Egypt's Al-Malika and Al-Farasha companies.[7]
In 2018, Savola acquired 51 percent stake of Dubai-based Al Kabeer Group.[8]
In 2022, Savola acquired Egybelg.[9]
References
edit- ^ a b c d e f g "Leadership Team".
- ^ "Highlights".
- ^ "Savola Group". eyeofriyadh.com. Retrieved 2024-07-10.
- ^ a b "Saudi Billionaires Found Holding Surging Savola Stock". Bloomberg.com. 2014-10-30. Retrieved 2024-07-10.
- ^ Khan, Riz (2005). Alwaleed, Businessman Billionaire Prince. New York: HarperCollins. p. 68. ISBN 9780060850302.
- ^ UPDATE 3-Saudi Savola expands retail chain with Geant buy[dead link]. Reuters.
- ^ UPDATE 1-Saudi's Savola buys two Egyptian companies. Reuters.
- ^ Savola gets approval for acquisition of Al Kabeer Group. Argaam.
- ^ "Saudi Arabia's Savola acquires Egybelg amid plans to invest $91m in Egypt". arabnews.com. Retrieved 9 June 2022.
External links
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