Savola event marks profit milestone
Jeddah, April 12, 2012
The Savola Group, a leading agricultural and food industries group in Saudi Arabia, recently held a high profile event to mark a profit of more than SR1 billion ($266 million) for 2011.
More than 400 people including board members, the management team, key executives from across the region, employees and other guests attended the ceremony.
“On our road to becoming one of the most successful enterprises in the entire Middle East - a road on which we have travelled for 33 years - we have grown from a single company that was established with a paid up capital of SR40 million into a diversified Group that is now worth SR5 billion. And from a company that started with 200 employees in 1979 to a Corporation that employs more than 17,000 employees inside and outside the Kingdom,” said Dr Abdulrauof Mannaa, managing director of Savola Group.
“Working together as a team we have delivered the targeted results by adopting the simple strategy of building on our core sectors - food, packaging and retail – and maintaining our investment in other strategic businesses, including Herfy, Al Marai and Kinan.
“And now, on this happy occasion, we celebrate our third of a century with the achievement of more than One Billion Saudi Riyals in profit. This in itself is nothing new for us, but what makes our latest achievement so special is that it is operating income, which means that we are achieving real and sustainable growth across our core operational sectors,” he added.
“By focusing on our core strengths we are continuously enhancing our capability to deliver a healthy return on shareholder equity and maintain sustainable growth for the benefit of all our stakeholders - and now that we are clearly focused on one direction it is the strength and quality of our people that gives us the confidence to keep on growing and adding value for our shareholders, our community and our employees,” Dr Manna said.
Abderrahim Maaraf, chief executive officer of Savola Foods, said: “Savola’s success goes beyond the excellence of its products and companies, its impressive market share and strategic expansion – it is a Saudi success story resulting from the Savolan spirit that is reflected in dedication, loyalty and team work at every level of the organization.”
Mahmoud Abdul Ghaffar, chief of Corporate Affairs and board secretary of the Savola Groups said: “Savola was able in a very short time to transform itself from a regional player into an international conglomerate due brilliant strategic planning based on a far-seeing realization of market needs supported by massive investment in its core sectors.”
Savola owns well known commercial brands, including Afia, Al Arabi, Rawabi, Al Osra and Panda. – TradeArabia News Service