Turning Challenges
into Opportunities

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At a Glance

A Leader in
Food and Retail

Savola is one of the leading strategic investment holding companies in the MENA (Middle East and North Africa) Region, with a portfolio of leading brands in the food and retail sectors.

Our Food Investments

Our food vertical is made up of a portfolio of investments in large, branded categories across the MENA region.

Ownership of Savola Foods Company
Ownership of Almarai
Ownership of Al Kabeer

100%

34.52%

51%

Our Retail Investments

Our retail vertical is headed by Panda Retail, the largest modern grocery chain in Saudi Arabia with a total of 205 stores (including 4 stores in Egypt), serving more than 100 million customers annually.

Ownership of Panda Retail
Ownership of Herfy

98.87%

49%

Strategic and Financial Highlights

Positive Performance
and Profitability

Revenue
SAR million

21,702

1.4%

Net Profit
SAR million

911

91.5%

Gross Profit
SAR million

4,640

3%

Total Assets
SAR million

27,058

1.5%

Shareholders’ Equity
SAR million

8,232

8.5%

Capital Expenditure
SAR million

463

24.1%

Year in Review

Strategic Milestones
in 2020

2020 was a notable and eventful year for Savola. It was characterized by the achievement of a wide range of strategic, financial and operational milestones, whilst also acting decisively to safeguard our people from COVID-19 and support our diverse stakeholders across the Kingdom.
10 JANUARY
Launch of Savola World Foundation

Savola transformed our flagship CSR program Savola World, from a department into a standalone private foundation, called Savola World Foundation. The new non-profit organization will extend the Group’s Sustainability and CSR programs, under the supervision of the Ministry of Human Resources and Social Development.

1 MARCH
‘One Family’ event raises awareness and support for productive families in the community

In line with the Kingdom’s 2030 Vision and the Company’s active social engagement strategy, Savola sponsored and supported Saudi productive families through a special community event at Savola Tower. The 3 day event held under the slogan ‘One Family’, brought together Savola employees with productive families from the community, offering them a great platform to sell their homemade products and interact directly with customers in a lively and positive environment.

7 APRIL
Savola among ‘Best Workplaces in Saudi

A testament to our commitment to creating a positive, diverse and engaging workplace for all our employees, Savola was ranked 17th in this year’s ranking of Saudi Arabia’s Best Workplaces, published by leading global workplace culture authority Great Place to Work® Middle East.

12 APRIL
Panda enters eCommerce space with PandaClick

PandaClick, a new ecommerce platform for grocery purchases and deliveries from Panda, was launched to provide customers across the Kingdom with a quick and convenient way to shop for their favorite brands with just a few clicks, at home or on the move.

19 APRIL
‘Our commitment is our duty’ campaign against COVID-19

As part of our multi-faceted pledge to protect and serve our community, Savola launched the widespread ‘Our commitment is our duty’ national campaign. The successful campaign engaged hundreds of thousands of individuals across a wide range of social platforms, to help reduce the impact of COVID-19 on the people of the Kingdom.

16 JUNE
Forbes names Savola in ‘Top 100 Companies in Middle East 2020’

A leading business and financial publication, Forbes Middle East Magazine, ranked Savola 14th in Saudi Arabia and 39th in the Middle East based on market value, sales, assets and profits in its annual list of Top 100 companies in the region.

13 SEPTEMBER
Savola buys back SAR 16.5 million worth of shares

As part of the Company’s efforts to attract and retain key talent and to motivate staff to strengthen their performance, Savola bought back 341,675 of its shares for more than SAR 16.5 million (USD 4.4 million). The transaction forms the first tranche of the Company’s long-term incentive program (LTIP) for its employees. It has also reallocated shares to eligible employees, according to the program’s approved policy and standards.

28 OCTOBER
New CEO appointed

Mr. Waleed Khalid Fatani was named Savola’s new Chief Executive Officer, effective 1 January 2021, following the resignation of Eng. Anees Ahmed Moumina. Savola’s Board of Directors extended its sincere thanks and appreciation to Eng. Anees Ahmed Moumina for his commitment, dedication and hard work exerted during his office term, which ended on 31 December 2020. The Board of Directors welcomes Mr. Waleed Khalid Fatani and wishes him good luck in his new role.

DECEMBER
Establishment of Savola Venture Capital Program

Savola launched a new investment program to co-invest in disruptive technologies in the food and retail technology spaces with best-in-class investment partners. It seeks smart acquisitions that serve this purpose to achieve inorganic growth in order to support its core business activities. As a part of this program, Savola aims to capitalize on rapidly changing consumer trends regionally and globally over the coming 3 to 5 years.

Turning Challenges
into Opportunities

Savola was resilient in adapting to the challenging economic and operational landscape during 2020, leveraging our strengths to maintain our strategic focus and support and sustain our diverse stakeholder ecosystems throughout the year.

We prioritized the physical health and mental wellbeing of our 24,000+ employees through a wide range of actions and investments, raising awareness and ensuring alignment with all government regulations and requirements, whilst empowering them to ensure that our Group and operating companies would remain operational and capable of fulfilling our promises to our customers, community and nation.

We took immediate action to engage and support our customers, accelerating our digital transformation and automation, bolstering our logistics and distribution networks and launching Panda’s new eCommerce platform.

We did not stop investing in our turnaround or the strategy that will shape the future of our Group, delivering solid returns for our shareholders while launching a venture capital program for disruptive investments in food and retail to continue to enhance our portfolio and unlock avenues for future growth.

We doubled down on our position at the heart of our communities and our critical food security role across our markets, ensuring supply of goods during the darkest days of the pandemic while reinforcing our long-term commitment to sustainable social impact by establishing Savola World Foundation.

The strength of our strategy and pride of our people were fundamental to the Company’s capacity to overcome obstacles and continue to create value for our diverse stakeholder community. Bolstered by robust risk management and corporate governance at every level of the organization, Savola capitalized on the opportunities that arose in this challenging environment whilst establishing a solid foundation for sustained growth and profitability in the years ahead.

Investment Case

A Unique Investment
Proposition

A leading Saudi investment holding company with diverse investment portfolios of the largest assets and brands in the food production, marketing, distribution and retail sectors, providing our shareholders with exposure to favorable demographics and structural trends in the regions we operate in.

A REGIONAL LEADER IN FOOD AND RETAIL

SAR 22 billion

One of the largest food and retail players in the region with an annual turnover of over SAR 22 billion

Forbes Top 100

Ranked 14th in Saudi Arabia and 39th in the Middle East in Forbes Middle East’s annual list of Top 100 companies in the region

#1 Staple food business

#1 basic food business in MENA, Savola has market leading positions and brands across consumer staples and value-added ranges, such as edible oils, sugar, pasta and frozen food

#1 Grocery retailer

#1 grocery retailer in Saudi Arabia, Panda has strong brand equity and over 28% market share in the attractive and under-penetrated modern retail space of the GCC’s largest market

Largest shareholder

Largest shareholder in 2 leading Saudi consumer brands, Almarai and Herfy, as well as popular frozen food brand, Al Kabeer

200+ stores

Dominant retail footprint with 200+ Panda and HyperPanda stores in 40+ cities across the Kingdom, with 100+ million annual transactions and the largest logistics network in Saudi Arabia

Serving 400+ million potential customers

Direct manufacturing and distribution strength in more than 8 countries, with 14 facilities serving a combined population of more than 400 million

Attractive exposure

Attractive exposure to large and growing population base with favorable demographics - more than 50% below the age of 35 years.

Extensive knowledge

Extensive consumer, market and brand knowledge, successfully leveraged to launch, grow and maintain market- leading positions and products (e.g. Afia, Al Osra, etc.)

Customer-centric

Continuous customer-centric innovation and product development based on deep consumer outreach to capitalize on strategic opportunities to launch and scale new businesses in the rapidly maturing and evolving consumer space in MENA and beyond

Unique investment model

Unique investment holding business model that allows for strategic investments and value creation in the MENA consumer food and retail space

Experienced leadership

Experienced leadership team with clear mandate to deploy and/or reallocate capital to enhance shareholder returns through investments in consumer segments with long-term growth potential

40+ years

40+ year track record of business growth, active capital reallocation and long-term investment horizon

Sustainable growth

Actively exploring multiple venues of investments in food and retail to help drive sustainable growth for the Group for years to come

Leadership

Chairman’s Statement

Strengthening the Kingdom’s Food Security

By converting the challenges of 2020 into opportunities, we have not only successfully navigated a complex environment but also charted a course toward continued growth and success.

Group CEO’s Message

Safeguarding Our People, Profitability and the Kingdom’s Food Security

Savola has not only stood firm in the face of this adversity, but succeeded in achieving remarkable results.

Mr. Sulaiman A. Al Muhaidib
Board Chairman Non-Executive
  • Current positions: Chairman of the Board of Abdulkadir Al Muhaidib & Sons, and Board Member of Almarai, Rafal Real Estate, Al Muhaidib Holding, ACWA Power Vision Invest, and many other companies.
  • Previous positions: Chairman of the Board of Middle East Paper Co. (MEPCO), Al Oula for Real Estate Development, Thabat Construction and Amwal Khaleej Commercial Investment.
  • Qualifications: Second Class, Faculty of Medicine, King Saud University, Saudi Arabia
  • Experience: Business, industrial and banking management, as well as investment management and real estate development and contracting. He also sits on a number of other Boards and Committees.
Mr. Bader Abdullah Al Issa
Board Vice-Chairman Non-Executive
  • Current positions: CEO of Assila Investments, Chairman of Savola Foods Company, Managing Director of Almarai, and Board Member of several companies.
  • Previous positions: CFO of Assila Investments, CEO of Amias Holding, Investment Portfolio Manager at HSBC Saudi Arabia Limited, Financial & Marketing Analyst at SABIC America, and Financial Analyst at JP Morgan.
  • Qualifications: Master’s degree of Business Administration, Rice University, USA

Bachelor’s degree of Economics, University of Virginia, USA Certified Financial Analyst (CFA)

  • Experience: Financial and administrative fields, portfolio management, studying and analyzing of listed companies. He also sits on a number of other Boards and Committees of listed and private companies.
Mr. Essam Abdulkadir Al Muhaidib
Board Member Non-Executive
  • Current positions: Managing Director of Al Muhaidib & Sons, and Board Member of several companies.
  • Previous positions: A number of managerial positions, leadership roles and Board memberships in Al Muhaidib Group of Companies.
  • Qualifications: Bachelor’s degree of Science in Statistics, King Saud University, Saudi Arabia
  • Experience: Managing a number of companies in the food and contracting fields. He also sits on a number of other Boards.
Mr. Abdulaziz Khaled Al Ghufaily
Board Member Non-Executive
  • Current positions: Retired – Public sector and Board Member of various of companies.
  • Previous positions: General Director of Local Shares Dept., Director of Hassana Investment, Direct Investments Dept. of General Organization for Social Insurance (GOSI).
  • Qualifications: Master’s degree of Economics, Western Illinois University, USA

Bachelor’s degree of Economics, King Saud University, Saudi Arabia

  • Experience: Social insurance, investment portfolios and shares. He also sits on a number of other Boards and Committees.
Dr. Adnan Abdulfattah Soufi
Board Member Non-Executive
  • Current positions: Founder and Managing Partner of DAS Partners, Board Member of NCB Capital, Vice-Chairman of SISCO Group, and Chairman of the Advisory Committee of the General Authority for Awqaf.
  • Previous positions: Member of the Board of Commissioners of the Capital Market Authority (CMA) by Royal Decree appointment, Chairman of the Advisory Committee of the CMA Board, CEO of SEDCO Holding, Dean of the Faculty of Economics and Administration and Professor of Business Administration and International Finance at King Abdulaziz University (KAU), and Senior Associate Member of Oxford University’s St. Antony’s College.
  • Qualifications: Fulbright Scholar

Ph.D. in Business Administration and International Finance, George Washington University, USA

  • Experience: Executive strategist leader specialized in corporate governance, as well as business development, institutional investment and leading transformation.
Eng. Mutaz Qusai Alazawi
Board Member Non-Executive
  • Current positions: Managing Director of his Group of Companies, Vice-Chairman of Riyadh Bank, Chairman of Qatrana Cement, and Board Member of Mobily, Arabian Cement, Herfy Foods, SICEP, ST&T, and Wusataa.
  • Previous positions: Running his group of companies, and Director at Merrill Lynch, KSA.
  • Qualifications: Bachelor’s degree of Computer Engineering, King Saud University, Saudi Arabia
  • Experience: Investment, trade, financial markets, construction management, banking and mergers and acquisitions. He also sits on a number of other Boards and Committees.
Mr. Mohammed Ibrahim Al Issa
Board Member Non-Executive
  • Current positions: CFO of Assila Investments, and Board Member of Kinan International Real Estate Development.
  • Previous positions: Head of Balance Sheet Management and Investment at Saudi British Bank (SABB). He also served as a Member of the Board of Directors of Sukoon Real Estate Company and Al Aqeeq Real Estate Company.
  • Qualifications: Bachelor’s degree of Commerce, Finance, Sauder School of Business, University of British Columbia, Canada
  • Experience: Financial management, investments and financial markets.
Mr. Bader Hamad Al Rabiah
Board Member Independent
  • Current positions: Vice-Chairman and CEO of Noor Al Salhiya Real Estate, Board and Audit Committee Member of Mezzan Bank, Member of the Board and Audit Committee and Chairman of the Risk Management Committee of Noor Financial Investment, Vice-Chairman and CEO of Al Manar Finance and Leasing Company, and Member of the Board and Executive Committee of Nakheel Agricultural Production Company.
  • Previous positions: Supervisor of Real Estate Financing at Kuwait Finance House, and Head of Real Estate Investment at Noor Financial Investment Company.
  • Qualifications: Bachelor’s degree of Accounting, Kuwait University

    Member of Kuwait Association of Accountants and Auditors

    Member of Kuwait Economic Society

  • Experience: Business management, financial auditing, risk management and real estate investment.
Mr. Fahad Abdullah Al Kassim
Board Member Independent
  • Current positions: Chairman of Amwal Financial, and Executive Board Member of Al Rajhi United Investment.
  • Previous positions: CEO of Amwal Financial Consultants, General Manager of Al Othaim Trading Group, Managing Partner at KPMG International, and Executive Director at Dallah Hospital.
  • Qualifications: Bachelor’s degree of Science in Management with a major in Accounting, King Saud University, Saudi Arabia.

Advanced Management and Leadership Program, Oxford University, UK

  • Experience: Financial, administrative and auditing consultancy, executive management in a health institution, executive management in retail and wholesale, and sits on other Boards and Committees.
Mr. Abdulrahman Mohammed Ramzi Addas
Board Member Independent
  • Current positions: Chairman of Savola World Board of Trustees and Member of Savola Group Remuneration and Nomination Committee, Member of the Board, Executive Committee and Audit Committee of Alinma Bank, Chairman of Diyar Al Khayyal Real Estate Development, Chairman and Risk Management Committee Member of Tunisian Saudi Bank, Board Member of Al Rabie Saudi Food, Board Member and Chairman of the Investment Committee at Environment Fund, Member of Risk Committee at Saudi Ground Services, Member of the Risk and Compliance Committee of General Authority for Zakat and Tax, Member of the Investment and Loans Committees at Agriculture Development Fund.
  • Previous positions: Several senior executive positions at National Commercial Bank, and Managing Director for Real Estate Group in charge of Real Estate investments and Member of the Executive and Strategic Committees at SEDCO.
  • Qualifications: Master’s degree of Business Administration from the University of Denver, USA with a major in Finance

Bachelor’s degree in Business Administration, King Abdulaziz University, Saudia Arabia with First Degree Honors

  • Experience: Banking, risk management, strategic management and investment.
Mr. Rakan Abdulaziz Al Fadl
Board Member Independent
  • Current positions: Founder and Director of London Realty Limited, Executive Director and Board Member at Al Fadl Group, Board Member, President and CEO of Sahara Building Contractors, Board Member and Executive Committee Member at Rabya, Board Member and Investment Committee Member at Al Fadl Investments, Board Member and Investment Committee Member at Al Fadl Real Estate, and Board Member and Investment Committee Member at Al Takamul Group.
  • Previous positions: Running his Group of Companies.
  • Qualifications: Bachelor’s degree in Finance and Economics, Babson College, USA

  • Experience: Several managerial and leadership positions and Board memberships in Al Fadl Group of Companies. He also sits on a number of other Boards and Committees.
Mr. Waleed Khalid Fatani
  • Current position: Group CEO
  • Previous positions: CEO of Saudi Fransi Capital, Group Treasurer of Abdul Lateef Jamil and Capital Markets and Investment Advisor to the President, General Manager of Deutsche Bank Saudi Arabia, and various roles with Banque Saudi Fransi including Head of Group Treasury and a Member of several Executive Committees.
  • Qualifications: Bachelor’s degree of Science in Accounting, California State University, USA
  • Experience: Over 26 years of banking, financial and investment experience, and experience across a variety of business and financial services sectors.
Mr. Sameh M. Hassan
  • Current position: CEO of Savola Foods Company
  • Previous positions: Chief Portfolio Officer of Al Faisaliah Group, CEO of Saudi Tadawi Healthcare, Chief Operating Officer of Basamh Trading and Industries Group, and Board Member of a number of other companies.
  • Qualifications: Bachelor‘s degree in Economics, American University, Cairo, Egypt
  • Experience: Leadership, planning and management of foods and industrial multinational companies and other diverse sectors.
Dr. Bander T. Hamooh
  • Current position: CEO of Panda Retail Company
  • Previous positions: CEO of Al Nahdi Medical Company, and General Supervisor of Public Affairs at the Ministry of Health.
  • Qualifications: Bachelor’s degree in Pharmaceutical Science, King Saud University, Saudi Arabia
  • Experience: Over 30 years of experience in retail, pharmaceutical and food industries in both private and public sectors. He also serves as a Board Member of a number of companies.
Eng. Anees Ahmed Moumina
  • Current positions: Former CEO, Savola Group (until 31 December 2020), Board Member of National Commercial Bank, Dr. Suliman Fakeeh Hospital Company, Herfy Company, Knowledge Economic City Company (KEC), Effat University and Savola World Foundation Board of Trustees.
  • Previous positions: CEO of Savola Group (until 31 December 2020), CEO of SEDCO Holding Group, General Manager and Senior Credit Officer of Samba Financial Group, and Proctor & Gamble, Vice-Chairman of Savola Foods Company, Vice- Chairman of Panda Retail Company, Vice- Chairman of United Sugar Company, Vice- Chairman of Afia International Company, Vice-Chairman of Variety Food Company (Al Kabeer), and Board Member of Almarai Company (all up to 31 December 2020).
  • Qualifications: Master of Science in Engineering Administration with Honors, The George Washington University, USA

Bachelor of Science in Civil Engineering with Honors, The George Washington University, USA

  • Experience: Over 35 years of experience in the private sector and the financial services industry with experience across a variety of business sectors, including investments, retail, manufacturing and real estate.
Mr. Nouman Farrukh Muhammad Abdussalam
  • Current position: Former CFO, Savola Group (until 31 December 2020)
  • Previous positions: CFO of Savola Group (until 31 December 2020), CFO of Savola Foods Company, CFO of Attieh Group, CFO of Emaar The Economic City, Deputy Director Finance at Savola Group, Senior General Manager Finance and IT at Savola Foods, Finance Manager at Savola Bahrain, and Assistant Manager Cost and Budget of Pakistan-based cement manufacturer.
  • Qualifications: Professional qualifications in Cost and Management Accountancy and Taxation Management

Associate of the Institute of Cost and Management Accountants

Fellow of the Institute of Taxation Management

Bachelor’s degree of Finance, Karachi University, Pakistan

  • Experience: Over 20 years of experience in financial management, financing and accounting with Savola Group and its subsidiaries.
Mr. Wajid Usman Khan
  • Current position: Group Chief Financial Officer
  • Previous positions: CFO and Head of IT of Savola Foods Company, various other senior positions in Savola Group including Executive Director Group Finance and Treasury, Executive Director Corporate Finance, Finance Director and Assistant General Manager Finance, and Assurance and Business Advisory at PricewaterhouseCoopers (PwC) in Saudi Arabia and Pakistan.
  • Qualifications: Master’s degree in Commerce, HEC, Pakistan

Professional qualifications in Chartered Accountancy

Fellow Member of the Institute of Chartered Accountants of Pakistan

Associate Member of the Institute of Chartered Accountants of England and Wales

  • Experience: Over 20 years of experience in financial management, corporate finance, strategy and digital transformation with Savola Group and its subsidiaries.
Mr. Elnour Ali Saad
  • Current position: Executive Director, Corporate Governance, Compliance, Legal Affairs, and Board Secretary
  • Previous positions: Various senior positions in Savola Group including Executive Director of Corporate Governance, Compliance and Legal Affairs, Director of Corporate Governance and Board Affairs for Savola and its subsidiaries including Food Sector and Retail Sector, and Senior Manager of Corporates, Board Affairs and Communication.
  • Qualifications: Master’s degree in Law (LLM), University of Cumbria, UK

Bachelor’s degree and MBA, Sudan University of Science and Technology, Sudan

Certified Corporate Governance, Board and Committees Secretary

  • Experience: Over 18 years of experience in corporate governance, compliance, corporates, legal, Board of Directors’ and Committees’ affairs, investor relations and shareholders’ matters, and corporate communication. He also has practical experience in CMA regulation, companies’ law, drafting reports, and managing shareholders’ meetings, preparing legal memorandums and following up cases before judicial bodies.
Mr. Mohammad Nasr
  • Current position: Executive Director, Investment
  • Previous positions: Various leadership positions in investment strategy and transactions across MENA, Europe, and Asia in private equity, mergers and acquisitions and consulting with leading global and regional companies such as Credit Suisse, Gulf Capital and Al Mal Capital (an investments subsidiary of Dubai Investments PJSC).
  • Qualifications: Master’s degree in Business Administration, London Business School, UK

Bachelor’s degree in Industrial and Manufacturing Systems Engineering, Lehigh University, USA

  • Experience: Over 20 years of experience in investment and operational strategy leadership, deal origination, restructuring, M&A, managing investment portfolios and exit plans across several sectors.
Mr. Morhaf M. Alsamman
  • Current position: Executive Director, Human Resources and Corporate Services
  • Previous positions: Head of Human Resources and Head of Talent Acquisition for Savola Group, and various positions in local and multinational companies, including Emaar Economic City, NCB and Cristal Global.
  • Qualifications: Certified Professional in Human Resources – Internationalism (PHRi) from the HR Certification Institute

Master’s degree in Business Information Technology, DePaul University, USA

  • Experience: Over 13 years of experience in HR Management, mainly covering HR business partnership, staffing and recruitment, organization development, performance management, training and development, Saudization programs, and HR policies and procedures.
Mr. Aly Assem Barakat
  • Current position: Group Chief Audit Officer Previous positions: Senior Manager at Abu Dhabi Accountability Authority, Manager at KPMG, and Manager at Ernst & Young (EY).
  • Qualifications: Bachelor’s degree in Commerce, University of Helwan (Major Accounting), Egypt

Licensed Certified Public Accountant, USA

Chartered Global Management Accountant

Association of International and Professional Accountants

  • Experience: Over 25 years in the financial sector, internal and external audit, governance, risk management and compliance.
Mr. Yasser Hassan Dahlawi
  • Current position: Executive Director, Risk Management
  • Previous positions: Head of Regulatory Compliance, Enterprise Risk Management at The National Commercial Bank (NCB), and Senior Advisor at KPMG Saudi Arabia.
  • Qualifications: Master’s degree of Science, Engineering and Technology Management, Portland State University, USA

Bachelor’s degree of Science, Industrial Engineering, King Fahad University of Petroleum and Minerals (KFUPM), Saudi Arabia

  • Experience: Around 10 years of experience in risk management, mainly covering enterprise risk management, risk reporting, Basel II/III, capital planning and allocation, and risk policies procedures.
Mr. Amr Hamzah Almadani
  • Current position: Director, Corporate Communication and Marketing
  • Previous positions: Various marketing roles including Head of Shopper Marketing in Panda Retail Company, and marketing positions in Emaar the Economic City and Fakieh Tourism Group.
  • Qualifications: Master’s degree in International Business, Hull University, UK

Bachelor’s degree in Marketing, King Abdulaziz University, Saudi Arabia

  • Experience: Over 12 years of experience in marketing, brand management, media, digital media, communication, public relations and retail.

Our Corporate Values

Our values underpin everything we do, they are a blueprint for concrete actions we take as individuals, as a team and as a company, every day. Since the Group was founded in 1979, this is how we do business:

PERSONAL VALUES
GROUP VALUES
CORPORATE VALUES

Our Strategy and Business Model

A Focused Model That Aims for Sustainable Growth

Savola is a strategic investment holding company with a thematic investment program focused on the food and retail sectors, with the aim of creating value by enabling and accelerating growth levers in the underlying portfolio to achieve scale and profitability.

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Our Journey

Four Decades of Growth
and Diversification

1979

Savola is established, with a paid-up capital of SAR 40 million and 50 employees.

1981

Savola’s edible oil refinery in Jeddah, the first in Saudi Arabia, begins operations.

1982

Launch of Afia premium corn oil. By the late 1980s, Savola captures 70% of the Saudi edible oil market.

1991

Acquisition of a 40% shareholding in Almarai.

1992

Savola becomes a publicly listed company on the Saudi Stock Exchange (Tadawul).

Savola Bahrain and Savola Egypt commence edible oil operations.

1993

Joint venture with Tate & Lyle to establish United Sugar Company, Saudi Arabia’s first sugar refinery.

1995

Afia International Egypt is formed through the merger of Savola Egypt and SIME Derby Egypt.

Savola Foods establishes an edible oil factory in Egypt.

1998

Savola enters the retail sector, following its merger with Azizia Panda.

Savola gains a 70% stake in Herfy through the Panda merger.

2003

Savola Foods establishes edible oil businesses in Morocco and Sudan.

2004

Panda launches the Hyper Panda format.

2005

Savola establishes Kinan Real Estate, subsequently divesting 70% through private placement.

2006

Savola invests in King Abdullah Economic City (KAEC) and Knowledge Economic City as a founding shareholder.

2008

Panda acquires Giant Stores and opens its first central distribution center in Riyadh.

2009

Panda acquires Géant Stores operations and expands its network to 152 locations.

2010

Savola launches its first CSR program, ‘Makeen’, to train and empower people with disabilities.

Herfy is listed on the Saudi Stock Exchange (Tadawul) with Savola retaining 49% of its shares.

2011

Standard & Poor’s, Hawkamah and the International Finance Corporation rank Savola 2nd among top-listed companies in the Arab world for governance and transparency.

Savola Foods enters the pasta market by acquiring El Maleka Company and El Farasha Company in Egypt.

2013

Savola’s first Sukuk issuance (SAR 1.5 billion).

Savola acquires Al Muhaidib’s shares in Panda (18.6%) and Savola Foods (10%) in exchange for the issue of 33.9 million new Savola shares through a capital increase to SAR 5.34 billion.

2015

Savola Foods enters the seafood business with global seafood leader, Thai Union, to launch the famous John West brand in 12 markets across the MENA region.

Savola Foods launches Afia Distribution Company in Saudi Arabia.

2016

Savola unveils a new brand identity, symbolizing its evolution to a strategic investment holding company.

Savola receives the Sa’afa Award from the Integrity and Transparency Foundation.

2017

Savola sells a 2% stake in Almarai, as a part of its capital re-allocation, whilst remaining the largest shareholder with a 34.52% stake.

Savola ranks top 10 for transparency in corporate governance, environment and social practices in MENA by S&P and Dow Jones indices and Hawkamah.

Savola launches its second CSR program, ‘Negaderha’.

Savola Foods commissions a new factory in Jeddah to manufacture specialty fats for the B2B market.

Savola Foods establishes a joint venture in Iraq with Aves to create Bonus Food Company LLC, which is engaged in the refining and packaging of edible oils and vegetable ghee.

2018

Savola acquires a majority stake (51%) in Al Kabeer, one of the region’s leading frozen foods companies.

2019

Savola issues the 2nd tranche of Sukuk, pursuant to a new program in an aggregate amount of SAR 1 billion.

Savola among the 31 companies added to MSCI (Morgan Stanley Capital International), as part Tadawul’s inclusion into the MSCI Emerging Markets Index.

Standard & Poor’s, Hawkamah and the International Finance Corporation rank Savola 4th among top-listed companies in the Arab world for governance and transparency.

2020

Savola named among Top 20 Great Places To Work® in the Kingdom of Saudi Arabia.

Savola ranked top 10 among all non-financial sector companies traded on Tadawul in the Corporate Governance Index (CGI) by Al Faisal University’s Corporate Governance Center.

Savola was among the ‘Top 100 companies in the Middle East’ for 2020 according to Forbes Middle East, ranked 14th in the Kingdom of Saudi Arabia and 39th in the Middle East.

Our Diverse Businesses

Food Investments

Our portfolio of food brands are industry champions and market leaders in the key economies they operate in.

Revenue Breakdown (SAR million)

5,709

Edible Oil and Fats

2,329

Sugar

537

Pasta

737

Frozen Foods

15,357

Almarai

69

Others
 

Retail Investments

Our resilient retail portfolio delivered an encouraging performance in 2020, establishing strong foundations for future growth.

13%

Panda expanded to 13% of the total grocery market in Saudi Arabia, and 28.6% of the hypermarket/supermarket segment in 2020.
Our People

The Engine
of Our Success

Vision

To be the employer of choice in the food and retail industry in the region

Mission
  • Attract and sustain best available talent to meet current and future demands
  • Adhere to nationalization and enhance employment brand
  • Promote an engaged environment to support change and increase productivity
  • Leverage technology, social media and systems to raise the level of HR services standards
  • Develop highly skilled workforce that will learn, lead and respond to challenges
  • Balance resourcing and cost management
CSR and Sustainability

Committed to Serving
Our Community

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