Saudia Dairy & Foodstuff Company reports strong sales and profit growth for 2024
Jeddah, Saudi Arabia: Saudia Dairy & Foodstuff Company (SADAFCO), the market leader in Saudi Arabia for long-life (UHT) milk, tomato paste and ice cream, has reported strong financial results for 2024, with significant growth in both sales and profits.
Total sales were SAR 2.96 Billion, an increase of 6.59% compared to the 12 months of 2023. Net profit was SAR 483.16 million, 16.31% of net sales compared to 14.91% in 2023.
Patrick Stillhart, CEO of SADAFCO, said: 'These outstanding results reflect our strong market position, ongoing commitment to sustainable growth, and the tireless efforts of our wonderful employees. We have successfully driven performance in new and existing categories through strategic investments in distribution, product innovation and brand development. Our market share in UHT milk, tomato paste and ice cream remain robust, and we continue to delight our consumers with the high quality of our products.'
The company's investment in environmental, social and governance (ESG) best practice in line with international standards, Vision 2030 and Saudi Arabia's net zero by 2060 target will continue to shape its long-term strategy, Stillhart added.
In 2023, SADAFCO changed its fiscal year from the end of March to the end of December. Comparing the 12 months of last year with the nine-month period from April 1 to December 31, 2023, sales jumped 40.32%, while profits increased 48.67%. During 2024, SADAFCO declared/distributed SAR 15 per share in cash dividends.
2024 Highlights:
Total sales for 2024 reached SAR 2.96 Billion, up 40.32% compared to SAR 2.1 Billion in the nine months from April 1 to December 31, 2023.
Comparing 2024 with 2023, sales increased by 6.59%, with dairy products growing 6.23%, culinary products 9.36%, and ice cream 6.03%.
SADAFCO maintained its market leadership in UHT milk at 59.6%, tomato paste at 53.6%, and ice cream at 31.4%.
Gross profit margin remained strong at 35.73%, reflecting a healthy sales mix and cost management strategies.
The company's strong cash position stood at SAR 690 million, while shareholders' equity amounted to SAR 1.807 billion.
-Ends-
For more information about SADAFCO, please visit www.sadafco.com
About Saudia Dairy & Foodstuff Company (SADAFCO)
SADAFCO is a publicly listed company that has been producing high-quality dairy and food products under the Saudia brand name since 1976, a year after the company was formed. SADAFCO is a market leader in Saudi Arabia in the manufacture, sale and distribution of UHT milk, tomato paste and ice cream. Based in Jeddah, SADAFCO operates sales and distribution depots in 24 locations across Saudi Arabia and the Middle East.
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