Following approval granted by an ordinary general assembly meeting of its shareholders last week, Saudia Dairy and Foodstuff Company (SADAFCO) will distribute SR130 million in dividends, amounting to SR4 per share, to its registered shareholders.
“We are pleased to be able to announce that the approved dividends SADAFCO will distribute this year will be record setting,” said SADAFCO’s CEO Wout Matthijs.
“Earnings-per-share have almost doubled in the last 12 months to SR8.03 in comparison to SR4.35 during the fiscal 2014-2015. Furthermore, shareholder equity has increased by 15 percent to SR1,094 million,” Matthijs added.
Despite competitive market conditions, SADAFCO was able to capitalize on its strength in the milk, tomato paste and ice cream segments while achieving a sales growth of 9.7 percent and a SR119 million increase in net profit in comparison to the previous year.
In addition to the mentioned products, successful launches of Majestique and Tortilla chips during the financial year augur well for growth in other product categories.
“We expect the cost of raw materials to remain attractive for the year to come, which will enable us to generate healthy margins and continue to invest in SADAFCO brands and operations thereby further increasing shareholder value,” added Matthijs.
An extraordinary general assembly meeting also approved amendments to the company’s bylaws in order to bring them in line with the new company law that came into effect on May 2, 2016.
“We are pleased to be able to announce that the approved dividends SADAFCO will distribute this year will be record setting,” said SADAFCO’s CEO Wout Matthijs.
“Earnings-per-share have almost doubled in the last 12 months to SR8.03 in comparison to SR4.35 during the fiscal 2014-2015. Furthermore, shareholder equity has increased by 15 percent to SR1,094 million,” Matthijs added.
Despite competitive market conditions, SADAFCO was able to capitalize on its strength in the milk, tomato paste and ice cream segments while achieving a sales growth of 9.7 percent and a SR119 million increase in net profit in comparison to the previous year.
In addition to the mentioned products, successful launches of Majestique and Tortilla chips during the financial year augur well for growth in other product categories.
“We expect the cost of raw materials to remain attractive for the year to come, which will enable us to generate healthy margins and continue to invest in SADAFCO brands and operations thereby further increasing shareholder value,” added Matthijs.
An extraordinary general assembly meeting also approved amendments to the company’s bylaws in order to bring them in line with the new company law that came into effect on May 2, 2016.
