Saudi Arabia’s Hail Cement swings into losses as sales drop 16%

RIYADH: Saudia Dairy and Foodstuff Co., or SADAFCO, reported a fall of 20 percent in profit in the year ended March 31.

The dairy firm made profits of SR209 million ($56 million), down from SR261 million a year ago, according to a bourse filing.

Despite lower profits, the company said sales rose to SR2.17 billion for the same period, driven by the expansion of the frozen category.

In its statement, the firm reported it paid its shareholders SR3 per share as a half-year dividend.

Jeddah-based SADAFCO operates sales and distribution depots in 24 locations across Saudi Arabia, Bahrain, Qatar, Jordan, and Kuwait.