Riyadh – Mubasher: Saudia Dairy and Foodstuff Co. (Sadafco) on Tuesday posted a net profit of SAR 79.9 million ($21.3 million) in the fourth quarter of its current fiscal year, a surge of 172% from SAR 99.4 million ($7.8 million) achieved in the same period the year before.
Falling costs of basic raw materials boosted total profits by 20% during the quarter along with a decline in selling and distribution costs by around 17% helped Sadafco’s results, according to a bourse filing.
The dairy firm also reported an increase of 84.4% in net profit to SAR 260.8 million ($69.54 million) for the 12-month period, compared to SAR 141.47 million ($37.72 million) achieved in the corresponding period a year earlier.
