Consolidated Gruenfelder Saady Holding Co. (CGS)

Consolidated Gruenenfelder Saady Holding (CGS) was founded in 1976 by Swiss engineer Albert Grunenfelder and Saudi entrepreneur Esmat Al Saady. Based in Riyadh, the company designs and manufactures complex refrigeration units, refrigerated transport systems, and mobile cold storage facilities that serve industries where temperature control is critical, such as food, pharmaceuticals, and healthcare logistics. CGS is a market leader in the refrigeration sector in the Kingdom, with an average market share of approximately 45% in transport refrigeration with customers across critical industries including the food and beverage, and pharmaceutical sectors.

The company has bases in Jeddah, Riyadh and Dammam, as well as Bahrain and Kuwait. CGS has invested significantly in developing engineering expertise establishing state-of-the-art manufacturing facilities in Riyadh equipped with cutting edge equipment including open-pouring panel technology, robotics, 3D printing, virtual reality, and adopting industry 4.0 technology. The Company reported revenue of SAR 504 million in the financial year 2025G, and net profit of SAR 66 million, growing at a CAGR of 61.1% with an average return on equity during this period of more than 40%.

Recent Capital Markets Activity

In 2025, CGS entered the capital markets through an initial public offering (IPO), offering 30 million shares-equivalent to 30% of its capital-at SAR 10 per share. In December 2025, the company was awarded two new strategic contracts with a total value of SAR 195.5 million from Saudi Aramco Nabors Drilling Company and Almarai Company, reinforcing CGS' position as a trusted partner to leading players in the food & beverage and oil & gas sectors.