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Sadafco’s profits up 22% in FY19/20

Sadafco’s profits up 22% in FY19/20
The higher annual profits are attributed to growing sales
SADAFCO
2270
0.07% 300.20 0.20

Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (Sadafco) logged a net profit after tax and Zakat worth SAR 265.1 million in the fiscal year (FY) ended on 31 March 2020, up by 22.6% from SAR 216.1 million in the year before.

Sales revenue for the period grew by 13.4% year-on-year (YoY) to stand at SAR 2 billion when compared to SAR 1.8 billion, according to a stock exchange filing on Sunday.

The growing annual profits were helped by higher sales and profit margins, as the latter improved to 33.5% from 32%.  

Selling and distribution expenses increased to SAR 301 million from SAR 266 million while administrative expenses soared to SAR 101 million from SAR 92 million.

The rise in the additional provision for trade receivables by SAR 12.7 million was considered “prudent” by the company due to the current economic situation resulting from the coronavirus (COVID-19) pandemic.