SNG: Savola Group exits Iran’s market via $188mln sale agreement

-0.46%

SAVOLA GROUP

2050.SA

23.81

-0.46%

First published: 02-Jan-2025 08:35:55

Staff Writer

Riyadh – Savola Foods Company, a subsidiary of Savola Group inked a SAR 705 million sale and purchase agreement on 31 December 2024, according to a bourse disclosure.

The unit will sell its entire businesses in Iran, which covers manufacturing and distribution of edible oils, seafood, bakery and confectionery products.

Savola Group indicated that the unaudited net book value of the businesses and investments in Iran amounted to SAR 656.50 million as of 30 November 2024.

The group’s divestment of its businesses aligns with its ongoing prudent strategy to exit non-core markets to enhance value and boost growth-oriented investments in its food platform.

Meanwhile, the transaction’s proceeds will be utilised to strengthen the Group’s financial position.

As of 30 September 2024, Savola Group’s net profits declined by 1.04% year-on-year (YoY) to SAR 665.12 million from SAR 672.13 million.

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