PHOTO
Saudi-listed food producer and manufacturer Horizon Foods has reported a profit of SAR 2.6 million ($693,000), down 44% year-on-year (YoY) due to falling sales in the first half (H1) of the year.
The company, which lists the making of shawarma molds as a main activity, said in a statement to Saudi stock exchange Tadawul that sales for the period had reduced by 26% YoY, and there had been an increase in administrative and general expenses due to the cost of non-recurring listings and appointments. Revenue fell from SAR 35.6 million to SAR 26.3 million for the period.
Horizon Foods, established in 2018 and headquartered in Dammam 3rd Industrial City, was listed on Tadawul’s Nomu parallel market in March. Company data lists its primary activities as the production, manufacturing, processing, cutting and packaging and shaping of meat and poultry, with its main activity the manufacturing of shawarma molds.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
