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Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (Sadafco) reported a 17% year-on-year decrease in net profits for in the fiscal year ended 31 March.
Sadafco’s profits reached SAR 216.11 million in the 12-month period ended last March, compared to SAR 260.2 million a year ago, according to a bourse statement on Thursday.
The firm attributed the decrease in FY18 profits to a drop in sales due to the departure of expatriates and the implementation of the value-added tax in the kingdom.
Sadafco’s profits slid 8% to SAR 53.6 million during Q3-18, from SAR 157.48 million in Q2-18.
It is noteworthy that Sadafco’s fiscal year starts in April and ends in March.