Savola says exploring possibilities of listing Panda

Logo of Panda Retail Company

Savola Group said it will consider listing Panda Retail Co. in the future to maximize the additional value-creation opportunity for shareholders.

In a statement to Tadawul, Savola noted that Panda demonstrated a healthy recovery in profitability, thanks to its successful customer experience (CXR) program. Panda’s future growth strategy is sustaining this positive momentum by expanding its footprint and adopting several digital initiatives.

According to data compiled by Argaam, Savola owns 98.87% of Panda, which operates in retail food, household appliances and electronics.

Panda turned profitable during the third quarter of 2023, making a profit of SAR 14.5 million, in conjunction with the company's continued implementation of the strategic plan to restructure branches and close the least profitable stores.

The company accounted for 24% of the total branches of the food retail sector, representing 187 branches by the end of Q3 2023.