Savola Egypt’s Chief Strategy Officer, Mohamed Badran, said in an interview with Reuters, that “Savola Egypt” plans to acquire one or more companies in the food sector this year, whether inside or outside Egypt.
He added that the unit of the Saudi Savola Group is also working on adding new products to the Egyptian market or in other countries. “We make, for example, pasta in Egypt. We may make couscous in Morocco or Algeria. All of this is within our five-year plan,” he added.
He added, “Also within the five-year plan is that we acquire other companies and work seriously in searching for companies that are suitable for us. We are looking for companies in the food field. During this year, we will acquire one or more companies, whether in Egypt or outside Egypt,” but he refrained from delving into Financial details of the company’s investments or sales.
Savola owns three factories in Egypt for the production of pasta, two factories for the production of oil and ghee, and two for the production of sugar.
Badran said that a few days ago the company started “exporting Italian pasta” to the Emirates, to become the second country after Saudi Arabia, and that it would start exporting it to a number of other Arab countries during this year.
“We export about 20 to 25% of the pasta production from our factories in Egypt to the outside, whether Africa or Arab. Our production capacity in pasta is 350 thousand tons per year, the same energy in oil, and in sugar we reach between 750 and 800 thousand tons per year.”
According to Savola Saudi Arabia’s financial statements, sales of its noodle unit in Egypt reached 510.5 million riyals (136.1 million dollars) in 2019, an annual increase of 8%, and of sugar 346.6 million riyals, an annual decline of 16%.