Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (Sadafco) on Sunday reported achieving a marginal increase of 0.65% in profits in the third quarter of its fiscal year ended 31 December 2016.
Net profit reached SAR 68.75 million ($18.33 million), up slightly from SAR 68.3 million ($18.21 million) reported in the same period of 2015, the company stated in a filing to the Saudi Stock Exchange (Tadawul).
Sadafco attributed its year-over-year marginal growth to lower cost of sales by 14.5% during the period, owing to cheaper prices of raw materials. This helped reduce the negative effect of fewer sales after consumer spending slimmed down during the period.
Profit margin was up 4.7% in the third quarter ended 31 December 2016 compared with the same period the year before, according to the statement.
The dairy and foodstuffs company also posted a profit of SAR 228.39 million between April and the end of December 2016, registering a rise of 26.3% year-on-year from SAR 180.86 million.
Sadafco previously reported a profit of SAR 73.48 million in its second quarter ended 30 September 2016, up from SAR 54.05 million in the same period the year before.
Sadafco’s fiscal year ends on 31 March of every year.
