Ice cream sales deliver cool quarter for KSA’s Sadafco

LONDON, Oct 20 (Arab News): Ice cream sales helped to boost earnings at Saudia Dairy and Foodstuff (Sadafco) in the second-quarter as the food processor maintained its market share in the Kingdom.

Second-quarter net profit rose 7.9 per cent to $18.7 million (SR70.2 million) compared with a year earlier, the company said in a stock exchange filing.

Food companies worldwide have had mixed fortunes this year as lockdowns helped to boost sales across many product lines while logistical problems hampered attempts to satisfy customer demand.

Sadafco said sales of both ice cream and consumer milk rose 2.0 per cent over the quarter while tomato paste sales jumped by 15 per cent. Its gross profit margins were broadly in line with a year earlier at 33 per cent.

"Our performance this quarter and this period continues to strengthen over last year," the company said in a statement on Tuesday.