Herfy Food Services Co. reported a net profit after Zakat and tax of SAR 48.6 million for the first half of 2022, a 7% decline from SAR 52.1 million in the corresponding period of 2021.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 632.49 | 629.08 | (0.5 %) |
| Gross Income | 163.03 | 176.95 | 8.5 % |
| Operating Income | 62.73 | 62.29 | (0.7 %) |
| Net Income | 52.14 | 48.00 | (8.0 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.81 | 0.74 | (8.0 %) |
The first-half profit was hit by lower sales amid fierce competition. This is in addition to the higher percentage of the cost of sales on increased prices of operating inputs, as well as selling and marketing expenses.
In Q2 2022, net profit after Zakat and tax dropped 24% to SAR 20.20 million, from SAR 26.67 million in the prior-year period.
Herfy cited a decrease in sales for the quarter amid fierce competition, in addition to the higher percentage of the cost of sales on increased prices of operating inputs. This came despite a rise in net other income, along with a decline in selling and marketing expenses, financing cost, as well as general and administrative expenses and Zakat expenses.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 321.37 | 298.08 | (7.2 %) |
| Gross Income | 80.92 | 80.01 | (1.1 %) |
| Operating Income | 30.42 | 27.71 | (8.9 %) |
| Net Income | 26.67 | 21.28 | (20.2 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.41 | 0.33 | (20.2 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 331.00 | 298.08 | (9.9 %) |
| Gross Income | 96.94 | 80.01 | (17.5 %) |
| Operating Income | 34.58 | 27.71 | (19.9 %) |
| Net Income | 26.72 | 21.28 | (20.3 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.41 | 0.33 | (20.3 %) |
Compared to the previous quarter, the company’s net profit fell 28.9% from SAR 28.39 million, due to lower sales.
Total shareholders’ equity, after minority interest, rose by 15.8% to SAR 1.096 billion as of June 30, 2022, from SAR 946.86 million a year earlier.
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