UK finance minister to provide as much economic support as possible: health minister

Britain’s finance minister will provide as much support for jobs as possible. (File/AFP)
Updated 24 September 2020

UK finance minister to provide as much economic support as possible: health minister

LONDON: Britain’s finance minister will provide as much support for jobs as possible when he announces his economic winter plan later on Thursday, said his colleague health minister Matt Hancock.
“What you can be assured of is that we’ll put in as much economic support to help people get through this as feasibly possible,” Hancock told LBC Radio.
“He (the finance minister) has an economic winter plan that he’ll be bringing forward later.”


Ice cream sales deliver cool quarter for Saudi Arabia’s Sadafco

Updated 13 min 57 sec ago

Ice cream sales deliver cool quarter for Saudi Arabia’s Sadafco

  • Second-quarter net profit rose 7.9 percent to $18.7 million

LONDON: Ice cream sales helped to boost earnings at Saudia Dairy and Foodstuff (Sadafco) in the second-quarter as the food processor maintained its market share in the Kingdom.

Second-quarter net profit rose 7.9 percent to $18.7 million (SR70.2 million) compared with a year earlier, the company said in a stock exchange filing.

Food companies worldwide have had mixed fortunes this year as lockdowns helped to boost sales across many product lines while logistical problems hampered attempts to satisfy customer demand.

Sadafco said sales of both ice cream and consumer milk rose 2 percent over the quarter while tomato paste sales jumped by 15 percent. Its gross profit margins were broadly in line with a year earlier at 33 percent.

“Our performance this quarter and this period continues to strengthen over last year,” the company said in a statement on Tuesday.

However, it said that the tripling of value added tax (VAT) in the Kingdom had a significant impact on shopping basket cost.

Sadafco is expanding operations in Saudi Arabia with the construction of a new ice cream factory and the planned acquisition of Horizon Food Factory.

It currently operates two factories in Jeddah and another in Dammam.