Saudi ice cream maker FADECO’s profits wiped out despite rising revenue

RIYADH: Arabian Food and Dairy Factories Co. lost SR198,825 ($52,929) in the first half of 2022, wiping out profits of SR3.6 million ($963,281) it made in the first half of last year.

Despite making losses, FADECO recorded 9.4 percent revenue growth to SR27 million during the first six months of the year, according to its bourse filing.

The Saudi ice cream manufacturer credits its revenue growth to the diversification of its business, the use of electronic marketing channels, and access to a wider segment of individual customers.

In a separate announcement, the company announced it would distribute a quarterly cash dividend of SR0.775 per share.