Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (SADAFCO) on Monday said its net profits tumbled 5.1% in the first quarter ended on 30 June 2017, compared to the year-ago period.

Profits reached SAR 77.24 million in Q1-17, compared to SAR 81.37 million in Q1-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits increased 5.3%.

The Saudi foodstuff firm attributed the decrease in profits to a drop in sales.

Sales declined 4.8% to SAR 452.8 million in Q1-17, from SAR 475.7 million in the same period in the year before.

By 12:24 pm Saudi time, the stock levelled down 2.64% to SAR 117.80.

The company’s fiscal year starts on 1 April and ends on 31 March