Cairo – Mubasher: Savola Foods Company, a subsidiary of the Saudi Savola Group, has inked an EGP 630 million asset purchase agreement (APA) with the Egyptian Belgian Company for Industrial Investments (Egybelg). 

The agreement came in line with Savola's vision to expand in the Egyptian market and experience new food sectors such as baked snacks, Ahram Gate reported.

In the first quarter (Q1) of 2022, Savola Group logged net profits after Zakat and tax worth SAR 270.90 million, a leap of 76.13% from SAR 153.80 million in the year-ago period.