Saudi Arabia’s Savola plans acquisitions of food companies in Egypt, other markets
Saudi Arabia’s largest food products company, Savola Group is planning to expand into its eight existing markets, particularly Saudi Arabia and Egypt, through the acquisition of existing entities and the launch of new products under a five-year strategy.
Mohamed Badran, the CEO of Savola Foods Egypt, told local press that the group had ended 2020 with robust financial results buoyed by strong sales in the Saudi and Egyptian markets in the first year of its 2020/2024 plan.
The Jeddah-based company has reported sales worth more than $3 billion in 2020, Badran said.
Savola’s Egyptian unit ranked second in terms of market share, profits, and sales of the Group for 2020, he added.
Egypt and Saudi Arabia were the largest supporters of the group among the eight markets where Savola operates 14 factories.
Under its expansion plan for the Egypt market, Savola seeks to enter the bakery sector and acquire a larger market share in the tuna product in Egypt and other countries, Badran said.
The Saudi company also plans to acquire a majority stake in existing food factories that generate high earnings, especially in the Egyptian market, in 2021, the official said.
The potential acquisitions are still under consideration, he noted.