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
RIYADH: Saudi Arabia’s stock market retreated on Monday, as weak earnings disclosures weighed on investor sentiment. The main TASI index shed 1.8 percent to close at 12,914, and the parallel market, Nomu, lost 1.3 percent to 22,540. Stock exchanges of Qatar, Egypt, Bahrain, and Kuwait all recorded losses in line with Saudi Arabia, while Oman’s MSX30 was up 0.3 percent. Oil
RIYADH: Intending to increase its share in the Kingdom’s ice cream market, Saudia Dairy and Foodstuff Co., SADAFCO, has established an ice cream factory worth SR130 million ($34 million) in Jeddah. With a 28 percent market share, the company seeks to dominate the ice cream sector in the Kingdom and the new facility aims to raise its production capacity to achieve the goal.
RIYADH: Saudi Dairy and Foodstuff Co., or SADAFCO, on Wednesday expanded its Jeddah-based dairy factory by 19,800 square meters, making it the largest dairy factory in throughput terms. With the expansion of SADAFCO’s existing dairy factory, the facility now holds 45,000 square meters. “It is the Middle East’s highest output dairy factory per square meter,” said Patrick
RIYADH: Saudi Arabia’s stock market extended gains for a third straight day on Wednesday, as strong earnings results and rising oil prices continued to drive investor sentiment. TASI closed 1.17 percent higher at a 16-year high of 12,495, with PIF-owned digital security firm Elm leading top gainers on trading debut, soaring 30 percent. Nomu, the parallel market, advanced 0.53