Founded in 1979 with $10.7m capital, the Savola Group is an established player in Saudi Arabia’s industrial sector. The company’s first commercial foray was in the cooking oils market. It eventually developed into one of the Gulf’s most successful multinational food groups, which has since expanded to North Africa and central Asia.
Products include sugar, noodles and pasta and packaging, while the company is also involved in real estate and franchising. Savola’s market share for edible oils and sugar in Saudi is 62 percent and 68 percent, respectively. Today, Savola has 16,000 employees and 160,000 shareholders, and is listed in the Top 20 companies in Saudi Arabia.
With those figures in mind, it’s perhaps no surprise Savola reported strong financial results for 2008. Net profit increased to SAR202m ($53.9m) from SR1.23bn ($328m) the previous year, while sales climbed 32 percent to SAR13.8bn ($3.68bn).