Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (Sadafco) on Thursday reported an 8% year-on-year decrease in net profits during its third quarter of 2018, compared to the year-ago period.

Sadafco’s net profits after calculating Zakat and Tax amounted to SAR 53.6 million ($14.29 million) in Q3-18, compared to SAR 58.3 million ($15.54 million) during the same period of 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm’s like-for-like (LFL) sales, excluding its Polish unit Mlekoma, levelled down 2.4% by the end of Q3-18, compared to the corresponding period a year before.

Year-on-year, revenues jumped 10% to SAR 462.66 million, from SAR 419.93 million, Sadafco said.

Quarter-on-quarter, profits slipped 0.39% from SAR 53.83 million.

At the level of the first nine months in its fiscal year, Sadafco's profits after calculating Zakat and Tax tumbled 25.1%, reaching SAR 157.48 million, down from SAR 210.28 million, while LFL sales declined 5% in the nine-month period from a year ago.

Sadafco’s fiscal year starts in April and ends in March.

Sadafco’s stock inched up 0.19% to close Wednesday at SAR 104.40.