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FINANCIAL NEWS
Saudi’s Savola predicts SAR171m from Egypt
07 Nov 2016
(MENAFN) Saudi-listed Savola Group predicts a negative impact of USD11.1mn on its Q4 this year revenue, as its subsidiary Savola Foods Co. in Egypt will be hurt by the Egyptian pound float.
Moreover, the food producer and distributor operate in Egypt through seven subsidiaries that make edible oil and vegetable ghee, sugar and pasta.
Egypt’s central bank decided to float the pound and hike interest rates by 300 basis points, as the government will fulfill conditions to get USD12bn loan.
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