Herfy Food Services Co. reported an annual net profit after Zakat and tax of SAR 52.8 million for 2020, a slump of 73% year-on-year (YoY), on a 16.6% drop YoY in sales amid the precautionary measures adopted by the Kingdom.
Herfy was hit by the closure of its restaurants in commercial centers, and the limitation of service in some restaurants to home delivery service only and the reduction of working hours at stores. It was also impacted by an increase in general and administration expenses.
Moreover, net other income for the fiscal year 2019 included SAR 5.7 million refund of Iqama charges from the Saudi government and SAR 2.2 million capital gains on selling some assets.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 1,288.31 | 1,076.08 | (16.5 %) |
| Gross Income | 392.64 | 264.27 | (32.7 %) |
| Operating Income | 221.59 | 89.10 | (59.8 %) |
| Net Income | 196.09 | 52.84 | (73.1 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 3.03 | 0.82 | (73.1 %) |
The fourth-quarter net profit after Zakat and tax also plunged 57% YoY to SAR 20.57 million.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 326.52 | 297.94 | (8.8 %) |
| Gross Income | 100.06 | 76.48 | (23.6 %) |
| Operating Income | 56.43 | 32.79 | (41.9 %) |
| Net Income | 49.64 | 20.57 | (58.6 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.77 | 0.32 | (58.6 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 311.12 | 297.94 | (4.2 %) |
| Gross Income | 92.45 | 76.48 | (17.3 %) |
| Operating Income | 41.77 | 32.79 | (21.5 %) |
| Net Income | 41.38 | 20.57 | (50.3 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.64 | 0.32 | (50.3 %) |
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