Strategic Focus, and Effective Progress in 2021
Establishment of 3 ESG Management Committees
Savola Group formed 3 management committees (from the Executive Management) to promote knowledge exchange in vital areas and drive sustainable impact across the Group and its footprint. The Social Responsibility Committee is dedicated to developing a strategy for the Group’s activities and initiatives related to social impact, while the Environment Committee is dedicated to building and implementing the Group’s environmental policy, and the Government Relations Committee is to establish and maintain effective relationships with key ministries and other relevant government bodies.
Joining The Valuable 500 Initiative
Savola Group joined The Valuable 500 global initiative in 2021, which aims to enhance the inclusion of persons with disabilities through the business sector as a major driver of social change.
Named among the ‘Top 100 Companies in The Region’ by Forbes
Savola was ranked 36th in the Middle East by Forbes Middle East Magazine, in its annual list of Top 100 companies in the region. The ranking by the leading business and financial publication was based on market value, sales, assets and profits.
Our Brands recognized as ‘Made in Saudi’
Several leading Savola Group brands – Panda, Afia, Alarabi, and Alosra – were welcomed into the ‘Made in Saudi’ program, an initiative of the National Industrial Development and Logistics Program (NIDLP) led by Saudi Exports that supports Saudi businesses by encouraging local consumers to buy more locally made products and by increasing their exports to priority markets.
Investment in Munchbox
In line with Savola Foods’ growth strategy (ABCD) – Anchor, Bet, Conquer, Disrupt, a subsidiary of Savola Group, we invested in Munchbox, to target high growth, youth focused markets. Established in 2014, Munchbox is a healthy snack manufacturer with a strong presence in the snack market in the UAE and accelerating growth in Saudi Arabia is part of our growth plan for the brand.
Caper Investment
Savola Group invested SAR 18.8 million in Caper AI, a leader in smart cart and smart checkout technology that works to create a unified online and in-store commerce solution for retailers. Following our investment, in July, Caper was acquired by Instacart, a global eCommerce player.
Recognized as a ‘Great Place to Work’
For the third year running, Savola Group was named one of the Best Places to Work. A testament of our commitment to creating a positive, diverse and engaging workplace for all our employees, this recognition is published by leading global workplace culture authority Great Place to Work® Middle East.
Launch of ‘Discover Your Path’ Program
Savola World Foundation partnered with Mohammed bin Salman (Misk) Foundation to launch the ‘Discover Your Path’ Program, which enables high school students to explore their professional preferences and select the most appropriate future career paths.
Capiter Investment
Savola Group invested SAR 18.8 million in Capiter, an Egypt-based B2B marketplace that brings FMCGs, wholesalers and merchants together on the same mobile app-based platform, enabling merchants to order their products through the platform and also receive credit facilities.
Acquisition of Bayara
Savola Foods acquired 100% of Bayara for USD 260 million, in line with its ABCD growth strategy focused on expansion into high growth, value-added food categories with propositions directed towards the younger population. Bayara is a leading company specialized in nuts, spices, dried fruits, and snacks, and is based in the UAE with over 3 decades of success and a wide distribution network across the Middle East and Africa.
Creating the Panda Store of the Future
Panda successfully rolled out the prototype for its ‘Store of the future’ in 2 stores, showcasing the brand’s latest concepts in the fresh, grocery food, and non-food sections of our stores. Bringing together emerging consumer preferences for frozen and healthy foods, beauty sections and coffee shops, this marks a critical turning point in the transformation of Panda, which will accelerate next year as the rollout continues across our footprint.
Supporting Forsa Business Assistance
Savola Group partnered with the Human Resources Development Fund to support its Forsa Business Assistance Program, an initiative that seeks to connect SMEs with procurement opportunities in major entities, thereby accelerating their contribution to the national economy.
Recognized for Excellence in Corporate Governance
Savola Group received the Excellence Award for the third consecutive year, for being one of the top 10 publicly listed companies in Saudi Arabia in the Corporate Governance Index (CGI) by the Corporate Governance Center at the College of Business of Al-Faisal University during the 3rd Global Conference for Corporate Governance.
Savola’s Ongoing COVID-19 Response
We offered our employees and their families first vaccine doses at the Savola Group Tower offices
In response to COVID-19, our primary focus remained on the health and safety of our employees, their families, and broader society throughout the gradual return to normal activities during 2021.
The Savola Crisis Committee continued to ensure full implementation of the guidelines released by the Kingdom’s authorities, including the Ministry of Health, to prevent the spread of COVID-19. These measures included the mandatory use of face masks, safe social distancing, and entrance restrictions for visitors to our HQ.
In cooperation with the Ministry, and in response to their recommendation that all individuals be vaccinated against COVID-19, we offered our employees and their families first vaccine doses at the Savola Group Tower offices.
Leveraging the robust home-working protocols established in the previous year, we maintained our ability to transition to remote working quickly and efficiently to reflect the prevailing COVID-19 guidelines.
Maintaining Strategic Focus and Transforming for the Future
Activated our investment strategy
Accelerated our digital transformation
Built our talent base
Savola Group succeeded in turning challenges into opportunities in 2020, acting with agility and resilience to support our people, serve our customers, drive food security across our markets, and deliver a strong performance under the unique market conditions caused by the COVID-19 pandemic.
In 2021, our resilience once again shone though, as we activated our investment strategy, accelerated our digital transformation and built our talent base. By maintaining our strategic focus and accelerating our transformation, we took significant strides towards our vision of becoming the region’s leading food and retail focused strategic investment holding company, with a truly diversified and integrated portfolio of beloved brands, and a commitment to sustainability and the needs of consumers at our core.
Focused on fulfilling this unique value proposition for our shareholders and all our stakeholders, we continued to develop and diversify our products mix, channels and capabilities, investing for the future while navigating the unprecedented challenges caused by the pandemic on our markets, costs and supply chains, to position Savola Group for a new phase of sustainable growth and diversification in the years ahead.