Saudi food giant Savola’s revenue hits $3.8bn buoyed by food processing unit

RIYADH: Savola Group, a major food retailer in Saudi Arabia, has seen its first-half revenue soar to SR14.4 billion ($3.8 billion) on the back of higher sales from the food processing unit.

This is up 21 percent from SR11.8 billion in the same period last year, coupled with a 37 percent profit jump, the food giant said in a bourse filing.

As profit from the food processing segment rose 46 percent on the back of improved pricing, the group’s net profit surged to SR485 million from SR354 million a year earlier.