SADAFCO’s profits drop 23.5% in 3 months to 53.7 million riyals

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The preliminary financial statements of the Saudi Dairy and Food Products Company “SADAFCO” showed a decrease in net profit after zakat and tax by 23.56% in the second quarter ending on September 30, 2021, to record 53.7 million riyals, compared to 70.26 million riyals in the same quarter of 2020.

وارتفعت The company’s profits in the second quarter of the current fiscal year By 41.33%, compared to profits of 37.99 million riyals in the first quarter ending on June 30, 2021.

The company explained in a statement on “Tadawul Saudi Arabia” today, Thursday, that the results were affected by some negative factors, which see the fading of some factors, including the return of attendance to schools, easing precautionary measures for the Corona virus, and a decrease in the irrational behavior of the opponent, all of which have a positive impact in Achieving better business results.

The company expected that the prices of raw materials will remain high in 2022, while the challenge will remain in terms of the cost of global logistics services.

The company confirmed that there is a fundamental improvement compared to the first quarter ending in June 2021, adding: “We have succeeded in maintaining revenues in line with last year, and new products have also started to generate returns.”

Gross profit margin reached 31% in the second quarter, compared to 33% for the same quarter last year, despite the challenges, mainly due to the increased contribution of more profitable ice cream sales.

In terms of business results for the first half ending on September 30, 2021, the net profit after zakat and tax decreased by 34.86% to 91.7 million riyals, compared to 140.79 million riyals in the same period of the previous fiscal year.





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