Savola Egypt inaugurates new HQ in Cairo, records impressive 2024 profits

EGYPT – Savola Egypt, a subsidiary of Savola Group, has officially inaugurated its new headquarters (HQ) in Egypt in New Cairo’s Fifth Settlement, aligning with the Saudi group’s objectives of strengthening its position in Egypt.

The event was attended by Mr. Karim Baraka, General Manager of Savola Egypt; Mr. Sameh Hassan, CEO of Savola Foods Company; Mr. Mahmoud Fouda, General Manager of the Sugar Sector in Egypt; and Mr. Adeeb Ibrahim, Chief Human Capital Officer of Savola Foods Company, along with other company representatives.

“For over 30 years, Savola Egypt has established itself as a leading player in the food industry while prioritizing human capital. This new headquarters symbolizes a significant milestone, reflecting our comprehensive vision and placing our employees at the core of our mission. Our continuous efforts have earned us the prestigious title of ‘Top Employer’ for 2025, showcasing our unwavering commitment to fostering an outstanding and motivating work environment,” said Karim Baraka.

Savola Group’s net profits reach US$2.6B in 2024

Meanwhile, Savola Group’s net profit surged by an impressive 1,009.24% in 2024, totaling SAR 9.97 billion (US$2.6B), compared to SAR 1.20 million (US$319,000) in 2023.

The company attributes the growth to the distribution of the company’s entire 34.52% stake in Almarai Company to eligible shareholders, resulting in a net gain of SAR 11.30 billion (US$3B).

According to the financial results, earnings per share (EPS) jumped to SAR 10.61 (US$2.83) as of December 31, 2024, up from SAR 0.99 (US$0.26) in the same period the previous year.

Savola Group generated revenues of SAR 23.98 billion (US$6.3B) from January to December 2024, a slight decline of 0.67% from SAR 24.14 billion (US$6.4B) in 2023.

The group explained that the successful distribution of Almarai equity to shareholders, combined with a SAR 6 billion rights issue, effectively optimized the balance sheet and enhanced financial flexibility for future investments.

During a board meeting on March 11, 2025, Savola Group’s members decided not to distribute cash dividends for 2024.

This decision was influenced by the distribution of SAR 21.10 billion (US$5.6B) worth of Almarai shares, which represented Savola Group’s entire 34.52% shareholding in Almarai.

This distribution was conducted in place of a capital reduction of SAR 8.30 billion (US$2.2B) and a dividend of SAR 12.80 billion (US$3.4B), which was credited to shareholders’ accounts in December 2024.

It is noteworthy that during the first nine months of 2024, Savola Group experienced an annual decrease in net profit, reaching SAR 12 million (US$3.1B), while revenue was recorded at SAR 19.21 billion (US$5.1B).

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