Herfy 2022 profit slumps 98% to SAR 3.6 mln; Q4 turns loss of SAR 66 mln

16/03/2023 Argaam Exclusive

Herfy Food Services Co. reported a net profit of SAR 3.6 million in 2022, a 98% plunge from SAR 151.8 million in the year-earlier period. 

 


Financials (M)

Item 2021 2022 Change‬
Revenues 1,319.09 1,243.84 (5.7 %)
Gross Income 417.83 307.00 (26.5 %)
Operating Income 182.62 27.51 (84.9 %)
Net Income 151.79 3.55 (97.7 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 2.35 0.05 (97.7 %)

The profit decrease was triggered by lower sales and an increase in cost of sales, along with higher selling, marketing, general and administrative expenses.

 

The company also cited higher provisions for asset impairment and the financial impact of revaluating useful lives of leased assets according to IFRS 16.

 

Herfy reported a net loss of SAR 66 million in Q4 2022, versus a net profit of SAR 39.59 million in a prior-year period.

 

On a sequential basis, Herfy turned to loss in Q4 2022, from SAR 20.95 million in earnings in Q3 2022. 

 


Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 334.39 299.19 (10.5 %)
Gross Income 138.50 56.01 (59.6 %)
Operating Income 55.48 (55.10) (199.3 %)
Net Income 39.59 (59.28) (249.7 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 0.61 (0.92) (249.7 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.05 billion as of Dec. 31, 2022, compared to SAR 1.04 billion in the year-earlier period.

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Share Price

Herfy Food Services Co.
24.54
(0.44) (1.76 %)

Herfy Food Services Co. (HERFY FOODS)

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Financial Ratios
Current
Market Cap (M Riyal) 1,587.25
Enterprise Value (EV) (M) 1,559.87
Shares Outstanding ((M)) 64.68
EPS ( Riyal) (TTM) (0.79)
Book Value (BV) ( Riyal) 15.10
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.62
Return on Average Assets (%) (TTM) (2.72 )
Return on Average Equity (%) (TTM) (5.09 )
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