SADAFCO’s profits drop 14%, near SAR 58m in Q3

Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (SADAFCO) on Sunday announced that its net profits levelled down 14.3% in the third quarter of 2017, compared to the year-ago period.

Net profits reached SAR 58.3 million during Q3-17 down from SAR 68 million in the same period of 2016, according to a bourse statement.

Quarter-on-quarter, profits slid 21.99%.

“The reason [for the] decrease in profit for the third quarter is mainly due to marked contraction in the consumer base, driving lower consumer spending and aggressive unprofitable discounting by competitors,” SADAFCO highlighted.

At the level of the first nine months in 2017, the dairy company’s net profits went down 8.74% to SAR 210.28 million, from SAR 230.42 million in the corresponding period in the year before.

 SADAFCO's stock last fell 0.71% to close Thursday at SAR 125.

Mubasher Contribution Time: 21-Jan-2018 06:49 (GMT)
Mubasher Last Update Time: 21-Jan-2018 07:01 (GMT)