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Sadafco’s profit slides 17% in 12M

Sadafco’s profit slides 17% in 12M
Sadafco’s profits reached SAR 216.11 million in the 12-month period ended last March
SADAFCO
2270
28.91% 387.00 86.80

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.