Savola seeks to diversify operations
Saudi Arabia’s Savola Group aims to beat last year’s strong profits as it pursues a diversification drive that will turn the food giant into a holding company, a spokesman said.

Savola plans to float up to 30 per cent of its core edible oil business and push into petrochemicals, real estate and information technology, corporate communications manager Mazen Radwan said. Savola, one of the 10 largest firms on the Saudi bourse, reported a 2005 profit of SR1.2 billion ($320 million), up 139 per cent over 2004.

New identity
Co-op Islami, a leading provider of quality halal products, has unveiled a new, dynamic brand identity – part of its strategy to reposition its marketing efforts and strengthen its penetration into a wider GCC market. The company will now be known as Al Islami Foods, with a refreshing logo design that is intended to project the company’s ambition to become a global presence.

Sugar refinery expanding
A refinery of United Sugar Company in Jeddah is undergoing a capacity expansion and expects to raise annual capacity to 1.5 million tonnes soon from a current 1 million tonnes, a company official said.
A company spokesman said United Sugar, a subsidiary of the edible oils-to-sugar group Savola, would first raise its capacity to 1.2 million tonnes within a few months, later expanding it to 1.5 million tonnes. He did not give a precise time scale.

Foodco profits rise
The Abu Dhabi National Foodstuff Company (Foodco) has announced a 2005 net profit of Dh133 million ($36.2 million), up 46 per cent.
The company also reported a remarkable surge in the share price from Dh3.12 in 2004 to Dh4.14 in 2005 as shareholder returns increased by 49 per cent for the year 2005. It noted that net income from investments increased to Dh138.4 million in 2005 up by 41 per cent over 2004.
Foodco said its strategic locations in Port Zayed in Abu Dhabi, Al Ain and Dubai give the company the ability to efficiently access both domestic and export markets.