Riyadh - Mubasher: Wafrah for Industry and Development Company penned a SAR 11.84 million deal with Saudia Dairy and Foodstuff Company (SADAFCO) on 2 January 2023, according to a bourse filling.
Wafrah will manufacture and pack frozen French fries of different pack sizes under SADAFCO's trade name for six months. It will also provide the raw material and packaging material needed for the production process.
The agreement will enlarge Wafrah's revenues during the six-month period starting from the signing date.
Last November, Wafrah and Italy’s Pavan Company, owned by German company GEA, inked a contract at a total value of EUR 9 million.
In the first nine months (9M) of 2022, Wafrah turned profitable at SAR 14.19 million, versus net losses after Zakat and tax worth SAR 4.51 million in the year-ago period.
Revenues hiked by 83.04% year-on-year (YoY) to SAR 96.44 million in 9M-22 from SAR 52.68 million.
The earnings per share (EPS) stood at SAR 1.43 in 9M-22, against a loss per share of SAR 0.46 during the January-September 2021 period.
