Riyadh – Mubasher: Saudia Dairy and Foodstuff Company (SADAFCO) reported a 48.67% increase in its annual net profit.

The company said in a statement on the Saudi Stock Exchange (Tadawul) on Sunday that it achieved a net profit of SAR 483.16 million, compared to SAR 324.98 million during the same period in 2023.

The company attributed the profit growth to an improvement in the gross profit margin, which reached 35.73%, along with the efficiency of operating expenses and improved financing income. Meanwhile, financing costs decreased due to the absence of exceptional expenses, as in the previous year.

She explained that annual sales reached 2.96 billion riyals, a growth of 40.32%.

She stated that this increase resulted from a comparison between the results for the first 12 months of 2024 and just nine months of 2023, following the change of the fiscal year end to December from March.

On a like-for-like (12-month) basis, revenue grew 6.59%, driven by growth in sales of dairy, culinary and ice cream products, while export sales increased by 44.3%, food catering by 35.1% and e-commerce by 31.5%.

Earnings per share rose to 15.12 riyals, compared to 10.24 riyals in 2023.