Saudi Savola Group records $11 million net profits in 1Q 2002
The Saudi Savola Group recorded 42.4 million Saudi riyals ($11 million) in net profits in the first quarter of 2002, an 11.3 percent rise compared with the corresponding period of the previous year, in which the group’s net profits totaled SR38.1 million. The company’s total sales jumped from SR776 million to SR828.4 million during the same period, a 6.7 percent increase, reported Al-Sharq Al-Awsat.
Established in 1979 with an initial capital of SR90 million ($24 million), the Savola Group is a food processing and trading company in Saudi Arabia focusing on edible oils and fats, sugar, and food retailing. It operates manufacturing plants in Jeddah, Saudi Arabia, Egypt and Jordan. The joint stock group operates 46 stores in Saudi Arabia and claims to control 80 percent of the vegetarian oils market of the Kingdom. — (menareport.com)
© 2002 Mena Report (www.menareport.com)