Manna to succeed Baroum as Savola CEO

19 April 2010
JEDDAH: Abdul Raouf Manna has been named to succeed Sami Baroum as chief executive officer (CEO) of the Savola Group. He will replace Baroum from July 1.

The announcement on Sunday came a day after Baroum surprised the corporate world by announcing that he would step down from June 30. He gave no reason for his sudden move. However, a source at Savola
was quoted as saying that he was "resigning for personal motives. His family is in the United States and he has grown tired of frequent trips to America."

Manna has held several senior positions in the group during the past 15 years.

Meanwhile, Savola, with a wide portfolio of businesses including edible oils, sugar, plastic packaging, retail and real estate, on Sunday posted a jump of 104 percent in net profit during the first quarter, almost half of which came from non-recurring capital gains, beating analysts' forecasts.

The group made a net profit of SR394 million ($105.1 million) in the three months ending March, compared to SR193 million in the same period the year earlier, it said in a statement.

Excluding capital gains from the flotation earlier this year of fast-food chain Herfy, Savola's net profit stands at SR198 million, which is 10 percent above the company's own projections for the first quarter of 2010.

Savola said it expected to make a net profit of SR205 million in the second quarter which is 3.5 percent below its profits a year ago.

By SHAHEEN NAZAR

© Arab News 2010

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