Saudia Dairy and Foodstuff Company (SADAFCO), a major manufacturer of an extensive range of nutritious dairy and foodstuff items for consumers of all age groups, has announced its interim condensed and consolidated financial results for the nine-month period that ended Dec. 31, 2012.
For the third quarter ended Dec. 31, 2012, SADAFCO generated a consolidated net profit amounting to SR 35.6 million, a decrease of 17 percent compared to the same period last year (SR 42.69 million) and a decrease of 23 percent compared to the 2nd quarter 2012 (SR 46.13 million).
As per the recently announced results, the total gross profit for the 3rd quarter ended Dec. 31, 2012 amounted to SR 115.76 million, an increase of 13 percent compared to the same period last year (SR 102.65 million).
Furthermore, the operating profit for the 3rd quarter ended Dec. 31, 2012 amounted to SR 39.08 million, a decrease of 8 percent compared to the same period last year (SR 42.41 million).
“While SADAFCO continued to achieve robust sales growth and operational profits, a decrease in net profit for the current quarter is mainly attributed to the negative impact of stock revaluation, higher manufacturing and overhead due to the initial startup of Dammam factory, higher selling and distribution expenses as planned in Q3 and lower income from murabaha deposits,” said Wout Matthijs, CEO, Saudia Dairy and Foodstuff Company.
He said demand for SADAFCO’s products increased due to the implementation of consumer focused commercial activities in the market, rejuvenation of the ice cream business and enhanced efficiencies across various functions.
SADAFCO also announced that the consolidated net profit for the nine-month period ended Dec. 31, 2012 amounted to SR 113.7 million, an increase of 3 percent compared to the same period last year.
