Halal Industry

Saudi Arabia’s Development Works Food Co. quarterly profit rises 7%

Saudi Arabia-based Development Works Food Company posted 6.68% increase in net profit for the three months ending September 30 compared to the same period last year.

The food industry investor reported 2.46 million Saudi riyals ($656,000) in profit after zakat and tax for July-September versus 2.31 million riyals for the same quarter in 2018.

This was propped up by a 29.2% growth in sales to 37.07 million riyals, the company reported in a Saudi stock exchange filing on Monday (December 2).

The company is behind three local food and beverages brands Juice Time, Bait Alkatakit, and Mahboob, and also operates the American Quiznos Sub franchise in the kingdom.

($1 = 3.75 Saudi riyals)

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