Savola Group, Saudi Arabia's largest food products company, slashed its first-quarter net profit forecast by about half and blamed weak retail sales and currency losses.
Savola, one of the few Gulf companies to publicly disclo
Saudi Arabia's Takween Industries has signed a SR1.3 billion ($346.6 million) Islamic loan with a group of local banks to fund the acquisition of Savola Packaging Company, it said on Wednesday.
Takween in December agreed to bu
Saudi food producer Savola Group, the country's largest food products company, reported a 23 per cent drop in fourth-quarter net profit on Sunday, missing analyst forecasts.
Net earnings in the three months to December 31 were
Talks are still under way with several parties for a sale of the business of Kuwait Food Company (Americana), the company's biggest shareholder said on Thursday.
Americana, backed by Kuwait's billionaire Al-Kharafi family,
Saudi Arabia's Takween Advanced Industries said on Wednesday it had agreed to buy a packaging unit of the region's largest food firm Savola Group for SR910 million ($242.5 million).
The firms reached agreement the price fo
Saudi Arabia's largest food firm Savola Group has entered into final negotiations with Takween Advanced Industries on the sale of Savola's packaging unit, Takween said on Sunday.
The two firms extended talks in November an
Savola Group, Saudi Arabia's largest food products firm, has agreed a seven-week extension to talks with Takween Advanced Industries over the sale of its plastics business, both companies said.
Savola said in July it had enter
Saudi Arabia's Savola Group said it would distribute a third-quarter dividend of SR0.75 ($0.2) per share.
The dividend was split between a SR0.5 a share ordinary dividend and a SR0.25 a share exceptional dividend after the com
Savola Group, Saudi Arabia's largest food products company, reported a 53.3 per cent rise in third quarter net profits on Thursday, beating analyst forecasts.
Net profit in the three months to September 30 was SR701.4 million
Up to three bidders could submit offers to buy a majority stake in Kuwait Food Company (Americana) ahead of a deadline for second-round bids in mid-October, sources aware of the matter told Reuters.
One of the bidders, Savola Grou