Riyadh – Mubasher: Savola Group said Monday that its operations in Egypt, which are managed by its fully-owned subsidiary Savola Foods, would be negatively affected by the free flotation of Egyptian pound.
“The expected financial impact of that said floatation will negatively affect the fourth quarter 2016 consolidated net profit of Savola by SAR 171 million approximately, which was calculated based on the government floated rate range officially announced in this respect”, said the company in a bourse filing.
Savola’s operations in Egypt include edible oil and vegetable products managed through Afia International (Egypt), sugar businesses that are operated through United Sugar Company of Egypt and Alexandria Sugar Company, as well as Pasta that is operated through Al-Maleka and Al-Farasha Companies (Egypt).
