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Despite posting a dip in sales for the first nine months of 2016, Saudia Dairy and Foodstuff Co., (SADAFCO) is upbeat about being able to fend off aggressive discounting tactics by competitors in a market that is squeezed by lower consumer spending.
“We believe we have the brand power to avoid price wars and, with our healthy zero-debt financial position, we are better placed in the market to invest more into our future and resort less to desperate marketing tactics to earn short-term financial comfort,” chief executive Wout Matthijs told Argaam.
The company, which produces long-life milk, milk derivatives, and juices, earlier this week, reported a slight rise in third-quarter net profit to SAR 68.7 million.
“We are happy to continue to have grown net margins (26 percent increase for 9-month 2016 over last year and 5 percent increase in Q3 2016 over Q3 2015),” said Matthijs.
Despite the fall in sales by 6 percent year-on-year, gross margins have improved to 41 percent for the 9-month period compared to 35 percent in 2015, he said.
Consumer spending in Saudi Arabia has been squeezed in recent months after the government applied the brakes on spending and implemented various austerity measures that trimmed allowances and bonuses of public sector employees.
“Given the economic indicators, the lower retail spend trend may well persist – however, we continue to work on our plans to sustain our sales through new channels and products,” said Matthijs.
The company believes that rising raw material prices will influence margins in the forthcoming quarters.
“We will have to face the market reality in the future and we continue to apply strategies to manage increases,” the CEO said.
Sadafco, which competes with local peers Almarai Co. and Nadec, claims to be No. 1 in UHT (Long Life) milk and the market leader in tomato paste and ice cream.
With regard to media reports that Saudi Arabia plans to lift the subsidy on long life dairy imports, Matthijs said they were reviewing the announcements and awaiting clarity on the affected items, after which they would assess the impact on the company.
Meanwhile, the company, which has a healthy cash position, is looking at opportunities for expansion.
“However, good opportunities are currently rare,” said Matthijs.
Write to Brinda Darasha at brinda.d@argaamplus.com
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