SADAFCO Ranks Among Top Saudi Firms for Corporate Governance in 2024
Saudia Dairy and Foodstuff Company (SADAFCO) ranked among the highest-performing non-financial companies in corporate governance on Tadawul for fiscal year 2024, according to the Alfaisal Corporate Governance Index. The Jeddah-based company received the Corporate Governance Excellence Award Certificate at a ceremony in Riyadh on December 18, 2025.
The recognition places SADAFCO among the top-tier of Saudi listed companies assessed for board effectiveness, shareholder rights, transparency, and stakeholder management.
Key Takeaways
- SADAFCO achieved top rankings among non-financial companies in Alfaisal University’s 2024 corporate governance assessment
- The evaluation measured performance across board structure, shareholder rights, disclosure practices, and stakeholder engagement
- SADAFCO received its award at the Fourth Annual Corporate Governance Conference in Riyadh
About the Alfaisal Corporate Governance Index
The Alfaisal Corporate Governance Index evaluates governance practices of companies listed on Saudi Arabia’s Tadawul stock exchange. Established in 2017 by the Corporate Governance Center at Alfaisal University with consultants from Harvard University and Kobirate, the assessment measures performance across four pillars: Board of Directors, Shareholders’ Rights, Public Disclosure and Transparency, and Stakeholders’ Rights.
The index aligns with governance standards set by the Capital Market Authority (CMA), the Saudi Central Bank (SAMA), and the Organisation for Economic Co-operation and Development (OECD). According to Alfaisal University, the annual assessment aims to strengthen transparency, accountability, and sustainable corporate growth among Saudi listed companies.
SADAFCO’s Governance Framework
Patrick Stillhart, CEO of SADAFCO, attributed the recognition to the company’s governance practices. “This reflects the discipline we apply in managing our business,” Stillhart said. “Compliance and governance are essential to performance, and we remain committed to accountability across all levels.”
Sultan Alghamdi, Chief Legal Officer, GRC Officer, and Board Secretary at SADAFCO, noted that the ranking reflects governance improvements made during fiscal year 2024. The company has focused on strengthening oversight mechanisms and compliance processes, according to Alghamdi.
SADAFCO has been listed on Tadawul since its formation. The company produces dairy products, tomato paste, and ice cream under the Saudia brand, with operations across Saudi Arabia and exports to Gulf Cooperation Council countries and selected markets in the Middle East and North Africa region.
Industry Impact and Vision 2030 Alignment
The Fourth Annual Corporate Governance Conference, where SADAFCO received its award, focused on governance frameworks that balance financial performance with social responsibility and environmental sustainability. The event, held at the DoubleTree by Hilton in Riyadh’s Financial District, emphasized alignment with Saudi Vision 2030 objectives.
Vision 2030 prioritizes corporate governance as part of broader economic diversification and transparency goals. The Capital Market Authority has implemented governance regulations for listed companies, including requirements for board independence, audit committee composition, and disclosure standards.
The Alfaisal CGI assessment for fiscal year 2024 evaluated companies on their adherence to these regulatory requirements, along with international best practices from OECD governance principles.
What’s Next
SADAFCO stated it will continue developing its governance framework in line with regulatory requirements and international standards. The company operates 24 sales and distribution locations across Saudi Arabia and maintains its headquarters in Jeddah.
The Alfaisal Corporate Governance Index conducts annual assessments of listed companies. Results for fiscal year 2025 are expected to be released in late 2026.
