| Our performance in this quarter is a continuation of the past year quarterly trend of higher sales and gross profit with tailwinds of Covid 19 related higher purchase (stocking up by shopper) of milk and tomato paste. Going forward, VAT increase (from 5% to 15%) has transpired. We have adjusted our prices based on consumer price elasticity, SADAFCO’s brands strength and consumer need segment. The effect of VAT remains to be seen, however, we are well poised with our deeper and wider direct distribution. During the quarter SADAFCO contributed SAR 10 Mln as donation to Ministry of Health Covid 19 related Endowment Fund and total of SAR 2.5Mln in Bahrain, Jordan and Kuwait. During this quarter we have started construction of a brand new Ice Cream plant to cater to growing Ice cream business with a long term horizon of ambition of a higher market share and wider distribution through own freezers. It is on schedule to be finished next year. The company did not re-purchase any of its shares during the quarter. The share-price has increased by approximately 90% since we first announced the share-buyback program. Our cash balance remains robust at SAR 721Mln vs. SAR 625Mln same period last year. Shareholders’ equity is at SAR 1.47Bln vs 1.33Bln same period last year, an increase of 10%. The earnings per share for the quarter is computed as follows 1. Profit attributable to owners of Sadafco SAR 70,402,000 2. Total shares 32,500,000 3. Treasury shares held by the Company 500,250 4. Total shares outstanding 31,999,750 5. EPS 2.20 |
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