Saudi food giant Savola to invest over $52m to develop Egyptian bakery unit
RIYADH: Savola Foods Ltd. plans to invest over 1 billion Egyptian pounds ($52 million) to develop its recently acquired bakery unit Egybelg, its CEO revealed.
With the latest acquisition of Egybelg, 'the company's investment in Egypt currently exceeds 6 billion Egyptian pounds,' Sameh Hassan told CNBC Arabia.''
Savola Foods, a subsidiary of Saudi-listed Savola Group, had recently bought the Cairo-based firm for 622 million Egyptian pounds, to be revamped with the new 1 billion Egyptian pound investment.
Formally known as the Egyptian Belgian Co., Egybelg manufactures and distributes bakery goods, with three factories across Egypt and five production lines.
The announcement comes a day after the Saudi food retail group posted a surge in first-half earnings, with revenues hitting SR14.4 billion ($3.8 billion) and profit rising to SR485 million.