Arab Press

بالشعب و للشعب
Saturday, Oct 04, 2025

Savola Group gains $21.6m from stakes sale to Taiba Investments Co.  

Savola Group gains $21.6m from stakes sale to Taiba Investments Co.  

Savola Group has announced gains of SR81 million ($21.6 million) from the sale of its stakes in Knowledge Economic City Co. and Knowledge Economic City Developers to Taiba Investments Co.  
Taiba Investments inked a binding agreement to acquire Savola’s entire ownership in KEC and KECD for SR459.26 million in August, and the shareholders of both companies granted their approvals for the sale deal on Sept. 13 and Sept. 20, respectively.  

With this deal, Taiba will increase its ownership in KEC from 3.2 percent to 9.6 percent and boost equity in KECD from 14.35 percent to 35.06 percent.  

“It’s worth mentioning that the transaction has generated cash proceeds amounting to SR459 million, resulting in a gain of SR39 million that will be recorded in other comprehensive income and a gain of SR2 million that will be recorded in the statement of profit or loss in Q4 2022,” Savola Group said in a statement to Tadawul.  

“The financial impact of the transaction will be reflected as an increase in the company’s investments in the consolidated balance sheet. It will positively impact the statement of income as expected revenue from the deal,” Taiba Investments Co. announced to the exchange.  

The deal was supposed to be closed 120 days from the signing date on Nov.11, however, both companies extended the agreement by 60 days.  

The General Authority for Competition cleared the sale transaction on Nov. 29, according to a bourse filing.  

Savola Group reported a net profit after zakat and tax of SR648.3 million for the first nine months of 2022, an increase of 36 percent compared to SR476.2 million in the same period a year earlier. 

The profit was driven by higher gross profit, improved margins in the food processing segment and higher profit share from associates, despite higher operating expenses and increased net finance cost.  

Meanwhile, Knowledge Economic City widened net losses after zakat and tax to SR10.7 million in the first nine months of 2022, from SR2.6 million in the year-earlier period.  

Taiba Investment Co., on the other hand, reported a net profit after zakat and tax of SR97.6 million for the first nine months of 2022, against a net loss of SR53.2 million in the same period a year earlier. 
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
×