Saudia Dairy & Foodstuff Company (“SADAFCO”), UIC 40.13% owned associate, is one of the significant companies in UIC investment portfolios. SADAFCO was established in 1976. Production commenced in 1977 in Jeddah, KSA, and went through several changes and restructuring process to develop its strategy, visualize its targets with a backing of its flagship brand “Saudia” and create better added value for its shareholders through a dedicated team with a focus to make “Saudia” the preferable brand.
SADAFCO achieved a net sales growth of 12% to reach SAR 775 million in nine month period ended December 31, 2009 compared to SAR 694 million for corresponding period in 2008. SADAFCO also reported a hike in its operating income for the nine month period ended December 31st, 2009 by 240% compared to the comparative figures; the realized profits amounted to SAR 85.05 million against SAR 25.38 million for the first nine month period of year ended March 31st, 2008. The Fiscal year of SADAFCO starts on April 1st and ends on March 31st of each year.
SADAFCO’s stock portfolio realized profits of SAR 18.45 million during the nine month period of 2009 compared to losses of SAR 21.88 million for the year ended 2008.
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