Saudi Industrial Export Co. says Afia cancels distribution contract

19/02/2016 Argaam

Saudi Industrial Export Co​.​​ ​(SIECO) said that Afia international Co. has cancelled a distribution contract with Shahad Al Sahra​ Trading, an affiliate of SIECO, due to low financial returns and delayed deliveries.

 

Shahad Trading was the sole distributor of Afia's food products in Jeddah and the Eastern Province. Afia had informed SIECO of its decision to cancel in January, the company added in a statement to the Saudi bourse.

 

SIECO said the cancellation​ will​ have a negative impact on the company’s sales and net profit in 2016.

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