Abu Dhabi – Mubasher: Foodco Holding on Wednesday said its profits retreated sharply in the third quarter of 2018 and first nine months of the year, citing higher sales costs.

The company posted AED 2.12 million in profits in Q3-18, down 81% from AED 11.24 million, the company said in a statement to the Abu Dhabi Securities Exchange (ADX).

As for the nine months ended 30 September 2018, profits amounted to AED 50.69 million, down from AED 85.38 million in the prior year period, the company said.

Foodco’s sales costs rose to AED 70.18 million in the nine-month period, compared to AED 48.93 million in the same period of 2017.

The company, which operates in the food, beverage, and tobacco sector, previously posted AED 48.56 million in profits for the first half of 2018, an increase of 1% year-on-year, while its revenues had grown by 20.23% to AED 196.2 million.