Saudia Dairy and Foodstuff Company (Sadafco) posted a 17 percent increase in net profit of SR152.3 million for the year ended March 31, 2012, compared to SR129.9 million generated last year, the company said Saturday in a statement posted on Tadawul website. The gross profit for the year surged SR415.3 million compared to the same period last year of SR368.1 million, an increase of 13 percent. Meanwhile, the board of directors approved dividend distribution amounting to SR97.5 million, which represent 30 percent of the capital at SR3 per share. Sadafco board also approved the resignation of Board Member Essa Khalid Essa Al-Saleh (non-executive member) who resigned on May 24. Tariq Mohammed Abdul Salam replaced him as of Saturday. – SG until March 31, 2015. – SGThe growth in net profit for the year compared to the same period last year was mainly due to the sales growth of 18 percent reaching SAR 1,336 million versus the previous year sales of SAR 1,134 million. This growth was achieved due to various brand activation initiatives and operational excellence across all functions. Murabaha income was also a contributing factor to our growth in net profit during this financial year.SADAFCO BOARD OF DIRECTORS RECOMMENDS THE DISTRIBUTION OF DIVIDEND FOR THE YEAR ENDED ON 31/03/2012. 2012-05-26 (1433-07-05 ) 08:56:22 Related Links Detailed Quote Company Profile The board of directors of SADAFCO announces their approval , Thursday , 24/05/2012, to propose to the Extra Ordinary General Assembly Meeting to distribute dividend to the shareholders for the financial year 2011/2012 ended 31/03/2012 amounting to SAR 97.5 million, which represent 30 percent of the capital by a (3) riyals per share. The eligible shareholders will be the ones registered in Tadawul records on the closing date of the Extra Ordinary General Assembly Meeting , which will be announced later after obtaining the required approvals. Companies Announcements Saudia Dairy and Foodstuff Company (SADAFCO) Announces the Resignation of Board Member. 2012-05-26 (1433-07-05 ) 09:36:12 Related Links Detailed Quote Company Profile SADAFCO announces the resignation of Board Member Mr. Essa Khalid Essa Al-Saleh (non-Executive Member) who has submitted his resignation on May 24th, 2012. SADAFCO Board of Directors has accepted the resignation and thanked Mr.Essa for his contribution to SADAFCO Board and its committees and wished him success in his future endeavors. The Board has accepted the recommendation of the Remuneration and Nomination Committee to appoint Mr.Tariq Mohammed Abdul Salam as a non-executive Director as of Saturday May26th for the duration of the current cycle ending March 31st 2015, as a replacement for Mr.Essa Al-Saleh. The appointment of Mr. Tariq Mohammed Abdul Salam will be presented to the next shareholder meeting for its approval in accordance with regulation. Archive __
