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FINANCIAL NEWS
Saudi SADAFCO Q1 net profit hits USD15.5m
10 Aug 2015
(MENAFN) Saudi Dairy and Foodstuff Company (SADAFCO) saw a good first quarter driven by ever-growing consumer demand and continuing investments in manufacturing infrastructure, leading to a recorded double-digit growth.
Financial reports for the first quarter showed a net profit of USD15.5 million, setting a 72 percent increase compare to the same period in 2014, all contributing to a 12 percent surge in sales versus the corresponding time last year.
On top of a successful quarter, total profit margin improved from 29.6 percent to 34.5 percent compared to 2014, with lower raw material costs being the main reason. Total gross profit for amounted to USD47.8 million.
“The combination of a dynamic Saudi economy and our own internal efforts to optimize SADAFCO productivity has led to the company registering strong results this year,” CEO said.
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