Tuesday 22 July 2014
 
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Savola

Savola CEO Mannaa to resign

Saudi Arabian food company Savola Group said on Tuesday its chief executive officer Abdulraouf Mannaa is to step down for personal reasons. Mannaa would be replaced by Abdullah Mohammed Noor Rehaimi, currently a board member at Sa

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Savola CEO Mannaa to resign

Saudi Arabian food company Savola Group said on Tuesday its chief executive officer Abdulraouf Mannaa is to step down for personal reasons. Mannaa would be replaced by Abdullah Mohammed Noor Rehaimi, currently a board member at Sa

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Savola beats estimates with 32pc profit jump

Saudi food producer Savola Group reported a higher than expected 32.4 percent jump in second-quarter net profit on Wednesday, beating analyst forecasts as it benefited from higher sales especially in its retail business. The compa

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Savola sells Kazakhstan unit for $28.5m

Saudi Arabia's Savola Group has sold its loss-making Kazakhstan edible oil business to a Russian company for 107 million riyals ($28.5 million), the Riyadh-listed food producer said in a bourse filing on Sunday. Savola, which

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Savola profits jump 43pc in Q1

Saudi Arabia's Savola Group posted a 43 percent rise in first-quarter profit on Sunday, beating analysts' estimates as the food producer expanded its market share in the retail sector, revenue rose and financial charges fell.

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Savola Q4 profit rises 37pc to $150m

Saudi Arabia's Savola Group reported a 37 percent rise in fourth-quarter net profit on Monday, missing analyst estimates after the food company took an impairment of 100 million riyals on its investments and commodity prices fell.

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Savola on track to meet full-year forecasts

Saudi Arabia's Savola Group said it has registered a 12.9 per cent rise in third-quarter net profit and was on track to meet its forecast for full-year earnings. The food company made a quarterly net profit of SR457.4 million

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Capacity expansions ‘to back Saudi food sector’

The long-term outlook of the Saudi food and agriculture sector remains strong with capacity expansions at major food companies Savola and Almarai aiming to capture this growth, a report said. “We remain Overweight on Savola

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Savola cuts forecast after Q2 profit jump

Saudi Arabia's Savola Group expects third-quarter earnings to decline against last year despite posting a 13.6 percent rise in second-quarter net profit thanks to increased market share in the kingdom's retail sector. The

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Savola sugar refinery hit by fire

Saudi food company Savola Group said on Saturday a fire at its United Sugar Company in Jeddah on Thursday would not affect its projected 2013 financial results or reduce Saudi sugar supplies much during Ramadan. The fire happened

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