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Article: Savola expansion intensifies.
- Article from:
- Gulf Industry
- Article date:
- June 1, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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(Image: edibleoil1.jpg )
The Savola Group is intensifying its expansion beyond Saudi Arabia with plans to build a second sugar refinery in Egypt and seek acquisitions on the Indian Subcontinent and in Indonesia even as it returned to profit growth with a strong showing in the first quarter.
The group, Saudi ArabiaCOs largest food products company by market value, also expects to achieve substantially higher profits following the merger of the Panda and Giant supermarket chains. Savola posted an 82.2 per cent surge in net profit in the first quarter of 2008 as expansion abroad boosted its revenues. It made SR250.5 million ($66.8 million) in the three ...