Saudia Dairy & Foodstuff Company, the market leader in Saudi Arabia for long-life milk, tomato paste and ice cream, has reported strong financial results for 2024, with significant growth in both sales and profits.
Total sales were SR2.96 billion ($789 million), an increase of 6.59 percent compared to the 12 months of 2023. Net profit was SR483.16 million, 16.31 percent of net sales compared to 14.91 percent 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 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 percent, while profits increased 48.67 percent.
During 2024, SADAFCO declared/distributed SR15 per share in cash dividends.
