Herfy’s FY17 net profit declines 8%

11/02/2018 Argaam Exclusive

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Herfy Food Services Co. reported a net profit of SAR 200 million for the fiscal year 2017, a year-on-year (YoY) drop of 8 percent, hurt by a rise in selling and marketing costs, financing charges as well as general and administrative expenses.

Financials (M)

Item	2016	2017	Change‬
Revenues	1,156.68	1,157.79	0.1 %
Gross Income	347.60	341.75	(1.7 %)
Operating Income	218.47	203.98	(6.6 %)
Net Income	217.08	200.04	(7.8 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	3.36	3.09	(7.8 %)

The fourth-quarter net profit fell 14 percent YoY to SAR 47.9 million. When compared to the previous quarter, the Q4 2017 net profit came in 13 percent lower.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	280.23	298.96	6.7 %
Gross Income	90.37	89.40	(1.1 %)
Operating Income	54.80	50.05	(8.7 %)
Net Income	54.95	47.89	(12.9 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.85	0.74	(12.9 %)

Item	Q3 2017	Q4 2017	Change‬
Revenues	311.72	298.96	(4.1 %)
Gross Income	90.06	89.40	(0.7 %)
Operating Income	56.93	50.05	(12.1 %)
Net Income	56.04	47.89	(14.5 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.87	0.74	(14.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	466.46	24.4 %	143.95	32.2 %	91.26	48.2 %	1.41
Q1 2009	122.50	-	37.83	-	23.76	-	0.37
Q2 2009	132.10	-	45.32	-	31.35	-	0.48
Q3 2009	133.16	-	43.53	-	29.92	-	0.46
Q4 2009	129.83	-	42.63	-	29.62	-	0.46
2009	517.59	11.0 %	169.30	17.6 %	114.64	25.6 %	1.77
Q1 2010	136.19	11.2 %	44.41	17.4 %	28.15	18.5 %	0.44
Q2 2010	146.75	11.1 %	49.83	10.0 %	32.61	4.0 %	0.50
Q3 2010	145.82	9.5 %	47.79	9.8 %	30.43	1.7 %	0.47
Q4 2010	151.17	16.4 %	50.87	19.3 %	33.09	11.7 %	0.51
2010	579.93	12.0 %	192.90	13.9 %	124.27	8.4 %	1.92
Q1 2011	159.30	17.0 %	50.63	14.0 %	32.55	15.6 %	0.50
Q2 2011	188.42	28.4 %	61.27	23.0 %	39.36	20.7 %	0.61
Q3 2011	172.52	18.3 %	52.06	8.9 %	34.46	13.2 %	0.53
Q4 2011	188.33	24.6 %	62.29	22.4 %	40.28	21.7 %	0.62
2011	708.57	22.2 %	226.24	17.3 %	146.65	18.0 %	2.27
Q1 2012	198.94	24.9 %	61.70	21.9 %	40.60	24.8 %	0.63
Q2 2012	218.32	15.9 %	70.50	15.1 %	49.31	25.3 %	0.76
Q3 2012	203.04	17.7 %	61.28	17.7 %	42.38	23.0 %	0.66
Q4 2012	221.71	17.7 %	72.88	17.0 %	48.87	21.3 %	0.76
2012	842.02	18.8 %	266.36	17.7 %	181.16	23.5 %	2.80
Q1 2013	208.77	4.9 %	67.06	8.7 %	46.46	14.4 %	0.72
Q2 2013	222.81	2.1 %	72.45	2.8 %	51.22	3.9 %	0.79
Q3 2013	198.54	(2.2 %)	60.26	(1.7 %)	42.40	0.0 %	0.66
Q4 2013	218.59	(1.4 %)	73.37	0.7 %	57.57	17.8 %	0.89
2013	848.70	0.8 %	273.15	2.5 %	191.43	5.7 %	2.96
Q1 2014	215.93	3.4 %	71.32	6.3 %	48.01	3.3 %	0.74
Q2 2014	226.72	1.8 %	76.35	5.4 %	52.40	2.3 %	0.81
Q3 2014	224.71	13.2 %	71.72	19.0 %	56.72	33.8 %	0.88
Q4 2014	242.78	11.1 %	72.01	(1.9 %)	48.68	(15.4 %)	0.75
2014	910.14	7.2 %	291.40	6.7 %	205.81	7.5 %	3.18
Q1 2015	265.20	22.8 %	86.87	21.8 %	54.54	13.6 %	0.84
Q2 2015	259.36	14.4 %	75.02	(1.7 %)	46.27	(11.7 %)	0.72
Q3 2015	279.47	24.4 %	85.35	19.0 %	56.65	(0.1 %)	0.88
Q4 2015	272.97	12.4 %	73.55	2.1 %	45.22	(7.1 %)	0.70
2015	1,077.01	18.3 %	320.80	10.1 %	202.68	(1.5 %)	3.13
Q1 2016	283.55	6.9 %	85.25	(1.9 %)	53.35	(2.2 %)	0.82
Q2 2016	277.73	7.1 %	76.77	2.3 %	49.48	7.0 %	0.77
Q3 2016	315.17	12.8 %	95.22	11.6 %	59.29	4.7 %	0.92
Q4 2016	280.23	2.7 %	90.37	22.9 %	54.95	21.5 %	0.85
2016	1,156.68	7.4 %	347.60	8.4 %	217.08	7.1 %	3.36
Q1 2017	275.01	(3.0 %)	86.86	1.9 %	52.72	(1.2 %)	0.82
Q2 2017	272.10	(2.0 %)	75.42	(1.8 %)	43.40	(12.3 %)	0.67
Q3 2017	311.72	(1.1 %)	90.06	(5.4 %)	56.04	(5.5 %)	0.87
Q4 2017	298.96	6.7 %	89.40	(1.1 %)	47.89	(12.9 %)	0.74
2017	1,157.79	0.1 %	341.75	(1.7 %)	200.04	(7.8 %)	3.09

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	466.46	24.4 %	143.95	32.2 %	91.26	48.2 %	1.41
2009	517.59	11.0 %	169.30	17.6 %	114.64	25.6 %	1.77
2010	579.93	12.0 %	192.90	13.9 %	124.27	8.4 %	1.92
2011	708.57	22.2 %	226.24	17.3 %	146.65	18.0 %	2.27
2012	842.02	18.8 %	266.36	17.7 %	181.16	23.5 %	2.80
2013	848.70	0.8 %	273.15	2.5 %	191.43	5.7 %	2.96
2014	910.14	7.2 %	291.40	6.7 %	205.81	7.5 %	3.18
2015	1,077.01	18.3 %	320.80	10.1 %	202.68	(1.5 %)	3.13
2016	1,156.68	7.4 %	347.60	8.4 %	217.08	7.1 %	3.36
2017	1,157.79	0.1 %	341.75	(1.7 %)	200.04	(7.8 %)	3.09

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	30.86 %	25.76 %	19.56 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	32.71 %	27.26 %	22.15 %
2009	32.71 %	27.26 %	22.15 %
Q1 2010	33.11 %	27.66 %	22.40 %
Q2 2010	33.04 %	27.45 %	22.03 %
Q3 2010	33.06 %	27.12 %	21.63 %
Q4 2010	33.26 %	27.12 %	21.43 %
2010	33.26 %	27.12 %	21.43 %
Q1 2011	33.02 %	27.11 %	21.34 %
Q2 2011	32.66 %	26.79 %	21.01 %
Q3 2011	32.00 %	26.51 %	20.77 %
Q4 2011	31.93 %	26.56 %	20.70 %
2011	31.93 %	26.56 %	20.70 %
Q1 2012	31.72 %	26.37 %	20.68 %
Q2 2012	31.69 %	26.60 %	21.16 %
Q3 2012	31.63 %	26.74 %	21.34 %
Q4 2012	31.63 %	26.91 %	21.52 %
2012	31.63 %	26.92 %	21.52 %
Q1 2013	31.90 %	27.49 %	21.95 %
Q2 2013	31.96 %	27.80 %	22.06 %
Q3 2013	32.01 %	27.66 %	22.18 %
Q4 2013	32.18 %	27.95 %	22.56 %
2013	32.18 %	28.08 %	21.82 %
Q1 2014	32.41 %	28.02 %	22.55 %
Q2 2014	32.72 %	28.34 %	22.58 %
Q3 2014	33.05 %	28.31 %	22.06 %
Q4 2014	32.02 %	27.42 %	21.05 %
2014	32.02 %	27.42 %	21.05 %
Q1 2015	31.99 %	27.21 %	20.65 %
Q2 2015	30.81 %	26.54 %	19.35 %
Q3 2015	30.50 %	26.96 %	19.58 %
Q4 2015	29.79 %	26.88 %	18.82 %
2015	29.79 %	26.88 %	18.82 %
Q1 2016	29.14 %	26.58 %	18.39 %
Q2 2016	28.82 %	26.53 %	18.38 %
Q3 2016	28.78 %	25.92 %	18.04 %
Q4 2016	30.05 %	25.79 %	18.77 %
2016	30.05 %	25.79 %	18.77 %
Q1 2017	30.42 %	25.60 %	18.85 %
Q2 2017	30.45 %	24.69 %	18.41 %
Q3 2017	30.09 %	24.32 %	18.18 %
Q4 2017	29.52 %	23.63 %	17.28 %
2017	29.52 %	23.63 %	17.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	30.86 %	25.76 %	19.56 %
2009	32.71 %	27.26 %	22.15 %
2010	33.26 %	27.12 %	21.43 %
2011	31.93 %	26.56 %	20.70 %
2012	31.63 %	26.92 %	21.52 %
2013	32.18 %	28.08 %	21.82 %
2014	32.02 %	27.42 %	21.05 %
2015	29.79 %	26.88 %	18.82 %
2016	30.05 %	25.79 %	18.77 %
2017	29.52 %	23.63 %	17.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	30.88 %	24.81 %	19.39 %
Q2 2009	34.30 %	28.24 %	23.73 %
Q3 2009	32.69 %	28.37 %	22.47 %
Q4 2009	32.84 %	27.43 %	22.81 %
Q1 2010	32.61 %	26.60 %	20.67 %
Q2 2010	33.95 %	27.43 %	22.22 %
Q3 2010	32.78 %	27.02 %	20.87 %
Q4 2010	33.65 %	27.39 %	21.89 %
Q1 2011	31.78 %	26.62 %	20.43 %
Q2 2011	32.52 %	26.26 %	20.89 %
Q3 2011	30.18 %	25.92 %	19.98 %
Q4 2011	33.07 %	27.39 %	21.39 %
Q1 2012	31.01 %	25.92 %	20.41 %
Q2 2012	32.29 %	27.07 %	22.58 %
Q3 2012	30.18 %	26.58 %	20.87 %
Q4 2012	32.87 %	27.96 %	22.04 %
Q1 2013	32.12 %	28.32 %	22.26 %
Q2 2013	32.52 %	28.27 %	22.99 %
Q3 2013	30.35 %	25.95 %	21.35 %
Q4 2013	33.57 %	29.08 %	23.49 %
Q1 2014	33.03 %	28.61 %	22.23 %
Q2 2014	33.68 %	29.48 %	23.11 %
Q3 2014	31.92 %	26.08 %	19.45 %
Q4 2014	29.66 %	25.67 %	19.55 %
Q1 2015	32.76 %	27.63 %	20.57 %
Q2 2015	28.92 %	26.63 %	17.84 %
Q3 2015	30.54 %	27.75 %	20.27 %
Q4 2015	26.95 %	25.50 %	16.57 %
Q1 2016	30.07 %	26.42 %	18.82 %
Q2 2016	27.64 %	26.43 %	17.82 %
Q3 2016	30.21 %	25.37 %	18.81 %
Q4 2016	32.25 %	24.98 %	19.61 %
Q1 2017	31.58 %	25.67 %	19.17 %
Q2 2017	27.72 %	22.62 %	15.95 %
Q3 2017	28.89 %	24.03 %	17.98 %
Q4 2017	29.90 %	22.24 %	16.02 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	64.68	-	-	4.42
Q2 2009	64.68	-	-	4.59
Q3 2009	64.68	-	-	5.06
Q4 2009	64.68	1.77	1.77	4.90
Q1 2010	64.68	1.84	1.84	5.33
Q2 2010	64.68	1.86	1.86	5.52
Q3 2010	64.68	1.87	1.87	5.37
Q4 2010	64.68	1.92	1.92	5.88
Q1 2011	64.68	1.99	1.99	6.38
Q2 2011	64.68	2.09	2.09	6.34
Q3 2011	64.68	2.16	2.16	6.17
Q4 2011	64.68	2.27	2.27	6.80
Q1 2012	64.68	2.39	2.39	7.42
Q2 2012	64.68	2.55	2.55	7.46
Q3 2012	64.68	2.67	2.67	7.31
Q4 2012	64.68	2.80	2.80	8.06
Q1 2013	64.68	2.89	2.89	8.78
Q2 2013	64.68	2.92	2.92	8.73
Q3 2013	64.68	2.92	2.92	8.50
Q4 2013	64.68	3.06	2.96	9.29
Q1 2014	64.68	3.08	2.98	10.03
Q2 2014	64.68	3.10	3.00	9.92
Q3 2014	64.68	3.32	3.02	9.73
Q4 2014	64.68	3.18	2.96	10.48
Q1 2015	64.68	3.28	3.06	11.32
Q2 2015	64.68	3.19	2.97	10.87
Q3 2015	64.68	3.19	3.17	10.67
Q4 2015	64.68	3.13	3.13	11.37
Q1 2016	64.68	3.12	3.12	12.04
Q2 2016	64.68	3.16	3.16	11.71
Q3 2016	64.68	3.21	3.21	11.55
Q4 2016	64.68	3.36	3.36	12.41
Q1 2017	64.68	3.35	3.35	13.23
Q2 2017	64.68	3.25	3.25	12.80
Q3 2017	64.68	3.20	3.20	12.66
Q4 2017	64.68	3.09	3.09	13.40

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	64.68	1.41	1.41	4.05
2009	64.68	1.77	1.77	4.90
2010	64.68	1.92	1.92	5.88
2011	64.68	2.27	2.27	6.80
2012	64.68	2.80	2.80	8.06
2013	64.68	2.96	2.86	9.29
2014	64.68	3.18	2.96	10.48
2015	64.68	3.13	3.13	11.37
2016	64.68	3.36	3.36	12.41
2017	64.68	3.09	3.09	13.40

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	13.89	13.89	4.79
Q2 2010	16.32	16.32	5.50
Q3 2010	17.54	17.54	6.10
Q4 2010	17.15	17.15	5.61
Q1 2011	16.78	16.78	5.23
Q2 2011	17.34	17.34	5.73
Q3 2011	16.13	16.13	5.63
Q4 2011	17.48	17.48	5.83
Q1 2012	17.64	17.64	5.68
Q2 2012	16.12	16.12	5.50
Q3 2012	17.55	17.55	6.41
Q4 2012	17.38	17.38	6.04
Q1 2013	18.40	18.40	6.06
Q2 2013	20.78	20.78	6.95
Q3 2013	20.95	20.95	7.20
Q4 2013	18.53	19.13	6.09
Q1 2014	22.85	23.59	7.02
Q2 2014	23.25	24.00	7.26
Q3 2014	22.07	24.25	7.53
Q4 2014	21.83	23.45	6.63
Q1 2015	24.15	25.88	7.00
Q2 2015	26.22	28.16	7.69
Q3 2015	21.07	21.20	6.29
Q4 2015	22.93	22.93	6.32
Q1 2016	14.85	14.85	3.84
Q2 2016	17.52	17.52	4.74
Q3 2016	14.23	14.23	3.95
Q4 2016	16.69	16.69	4.51
Q1 2017	17.66	17.66	4.47
Q2 2017	17.34	17.34	4.41
Q3 2017	15.61	15.61	3.95
Q4 2017	14.92	14.92	3.44

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	17.15	17.15	5.61
2011	17.48	17.48	5.83
2012	17.38	17.38	6.04
2013	19.13	19.77	6.09
2014	21.83	23.45	6.63
2015	22.93	22.93	6.32
2016	16.69	16.69	4.51
2017	14.92	14.92	3.44

Business Segments (Million)

Compared With The

Period	Restaurants	Meat Factory	Bakeries and others	Shaboura factory
Q1 2009	94.27	2.74	21.45	4.04
Q2 2009	102.85	3.28	22.06	3.92
Q3 2009	107.65	3.02	19.09	3.39
Q4 2009	99.25	3.71	22.54	4.33
Q1 2010	104.81	4.03	22.98	4.37
Q2 2010	115.81	4.45	23.12	3.38
Q3 2010	120.95	4.30	18.30	2.27
Q4 2010	119.57	5.56	23.02	3.02
Q1 2011	124.61	6.28	23.98	4.43
Q2 2011	152.46	5.94	26.29	3.73
Q3 2011	144.55	5.36	20.74	1.88
Q4 2011	151.15	6.80	27.33	3.06
Q1 2012	161.28	7.26	27.15	3.26
Q2 2012	177.78	6.61	29.96	3.97
Q3 2012	170.50	5.86	33.91	-
Q4 2012	187.78	7.21	26.73	-
Q1 2013	176.07	6.47	26.22	-
Q2 2013	189.39	6.62	26.81	-
Q3 2013	173.20	6.79	18.54	-
Q4 2013	185.46	8.70	24.42	-
Q1 2014	182.75	7.74	25.44	-
Q2 2014	191.16	7.68	27.88	-
Q3 2014	196.58	6.76	21.37	-
Q4 2014	204.62	7.63	30.54	-
Q1 2015	226.66	6.83	31.71	-
Q2 2015	221.24	7.83	30.29	-
Q3 2015	246.39	6.06	27.01	-
Q4 2015	227.95	7.80	37.23	-
Q1 2016	241.18	6.67	35.70	-
Q2 2016	239.31	6.29	32.13	-
Q3 2016	279.93	6.12	29.12	-
Q4 2016	234.31	7.48	38.43	-
Q1 2017	232.91	7.83	34.28	-
Q2 2017	235.78	6.35	29.97	-
Q3 2017	273.07	6.90	31.75	-
Q4 2017	252.38	7.63	38.95	-

Period	Restaurants	Meat Factory	Bakeries and others	Shaboura factory
2008	363.67	9.86	78.88	14.05
2009	404.03	12.74	85.14	15.68
2010	461.15	18.33	87.43	13.03
2011	572.77	24.37	98.33	13.10
2012	697.34	26.93	117.74	-
2013	724.12	28.58	95.99	-
2014	775.11	29.81	105.22	-
2015	922.24	28.52	126.24	-
2016	994.73	26.57	135.39	-
2017	994.13	28.70	134.96	-

Analysts Estimates (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change‬
Average	49.79	47.89	(3.8 %)

Estimates vs Actual (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change
Alistithmar Capital	48.62	47.89	(1.5) %
Sico	49.00	47.89	(2.3) %
Al Rajhi Capital	46.00	47.89	4.1 %
Albilad Capital	51.00	47.89	(6.1) %
Arbah Capital	51.40	47.89	(6.8) %
OSOOL AND BAKHEET	52.70	47.89	(9.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,930.70
Enterprise Value (EV) (M)	1,926.08
Shares Outstanding ((M))	64.68
EPS ( Riyal) (TTM)	0.33
Book Value (BV) ( Riyal)	15.99
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	1.87
Return on Average Assets (%) (TTM)	1.1
Return on Average Equity (%) (TTM)	2.1

Herfy Food Services Co. (HERFY FOODS)

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Herfy’s FY17 net profit declines 8%

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Herfy Food Services Co. (HERFY FOODS)

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Herfy’s FY17 net profit declines 8%

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Financial results (Million)

Financial results (Million)

Profitability

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Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

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Business Segments (Million) Q4 2017

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Herfy Food Services Co. (HERFY FOODS)

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Business Segments (Million)