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24 Aug 2022

Saudi food giant Savola to invest over $52m to develop Egyptian bakery unit

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.

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