Saudi Savola faces 171m riyal hit from Egypt pound float

Kuwait Times - - BUSINESS -

Saudi Ara­bia’s Savola Group , the coun­try’s largest food prod­ucts com­pany, said yes­ter­day that the floata­tion of the Egyp­tian pound will hit its fourth-quar­ter re­sults by 171 mil­lion riyals ($45.6 mil­lion). It said that it had taken mea­sures over the past year that sig­nif­i­cantly de­creased the im­pact of the Egyp­tian pound de­val­u­a­tion on its busi­ness, with­out elab­o­rat­ing. Savola’s prod­ucts in the North African coun­try in­clude ed­i­ble oil and veg­etable ghee, su­gar and pasta. The cen­tral bank floated the pound on Thurs­day, aban­don­ing a peg of 8.8 pounds to the dol­lar and let­ting the cur­rency drift down to around 16 on Sun­day. Many bankers think more de­pre­ci­a­tion is pos­si­ble.

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