Savola closes 10 Panda retail stores in 2021

Savola group announced that its retail unit, panda, closed 10 stores to reach 195 in 2021 from 205 in 2020, 4 of the closed stores were in Egypt.

Board of directors’ report published on Tadawul revealed that total employee number in Savola declined by 688 to 23643 in 2021 from 24331 in 2020 including Saudi layoff of 43%.

Saudi workers decreased by 297 to reach 6596 against 6893 in 2020. This included Saudi worker decline in panda stores by 342 to 5953 last year.

Panda’s profits fell to SR 610 million last year from SR1 billion in the year before. The company attributed the lower profits to the decrease of revenues and gross income.

Meanwhile, Savola’s profits declined 75.6% to SR 221.9 million by the end of 2021 from SR 910.8 million in the previous year.