Riyadh – Mubasher: Saudia Dairy and Foodstuff Company’s (SADAFCO) net profits rose by 7.9% yearly in the second quarter (Q2) of 2020 to reach SAR 70.3 million from SAR 65.1 million in the year-ago quarter.

The growth in Q2-20 earnings was driven by higher sales and favourable expense to sales ratio, according to a bourse statement on Tuesday. 

SADAFCO’s gross margin for the quarter was maintained at a healthy 33%, compared to 33.9% last year. Moreover, selling and distribution expenses slumped by SAR 4.6 million while general and administrative expenses fell by SAR 1.1 million.

Revenues amounted to SAR 535.4 million in the three-month period ended on 30 September 2020, an annual growth of 2.7%.

Over the April-September period, the profits hiked by 14.4% yearly to stand at SAR 140.8 million.