Savola Group, Saudi Arabia’s largest food company, will sell its packaging unit, Savola Packaging Systems to Takween Advanced Industries on Wednesday based on an agreement signed by the two companies in July.
Savola Packaging currently owns Al Sharq Plastics in Saudi Arabia and New Marina in Egypt. Its seven factories produce a total capacity of 200,000 tons of plastics, according to Argaam.
The company’s four Riyadh-based factories have a capacity of 98,000 tons. Its Jeddah units have a capacity of 68,000 tons, while its plants in Alexandria, Egypt have a capacity of 27,000 tons.
Manufactured products include rigid and flexible plastics, dairy, water, soft drinks containers, caps and closures.
Despite growth in the volume of sales, Savola Packing’s profit dropped in the last two years due to high prices of raw materials such as polypropylene, polystyrene and polyethylene.
Profit dropped to SAR 70 million in 2013 from SAR 100 million the previous year.
The company’s profit was SAR 37 million in the first nine months of 2014.
|
Savola Packaging Financial Results - 2009-2013 (SAR mln) |
||||||
|
Sep 2014 |
2013 |
2012 |
2011 |
2010 |
Period |
|
|
534.4 |
538.6 |
501.0 |
419.3 |
388.8 |
Property & Equipment |
|
|
135.4 |
135.8 |
139.1 |
137.5 |
139.6 |
Other fixed assets |
|
|
871.6 |
1119.6 |
1053.2 |
1001.5 |
883.9 |
*Sales value |
|
|
Net Profit |
||||||
|
N/A |
7.7 |
8.2 |
28.9 |
20.9 |
New Marina Plastics |
|
N/A |
35.0 |
64.8 |
52.5 |
77.5 |
Savola Packaging Systems |
|
37.0 |
69.5 |
100.2 |
91.2 |
100.0 |
Net profit |
*After deducting transaction interfaces.
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