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Herfy expected to post slight profit decline in Q3 2021
13/10/2021
Argaam Exclusive
In this report, Argaam captures the expected results of Herfy Food Services Co., during the third quarter of 2021, in addition to the development of quarterly revenue, performance and profitability indicators.
The third-quarter revenue is expected to grow by 10.89% year-on-year (YoY) to SAR 345 million.
Quarter Revenue Changes (M Riyal)
| Item | Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 (Average Estimate) |
|---|---|---|---|---|---|
| Sales | 311.12 | 297.94 | 311.12 | 321.37 | 345.00 |
| Change % | (8.25%) | (8.75%) | 4.78% | 88.93% | 10.89% |
Quarter Net Income Changes (M Riyal)
| Item | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 (Average Estimate) |
|---|---|---|---|---|---|
| Net Income | 41.378 | 20.566 | 25.470 | 26.672 | 38.000 |
| Extraordinary income/expense | 3.008 | (6.222) | 0.000 | 0.000 | - |
| Net Profit Before Unusual Items | 38.370 | 26.789 | 25.470 | 26.672 | - |
| EPS Before Unusual Items (Riyal/Share) | 0.593 | 0.414 | 0.394 | 0.412 | 0.588 |
Key events in Q3 2021
The company extended its non-binding memorandum of understanding (MoU) with EatRite Food Services, granting it franchise rights to open 50 Herfy restaurant branches in Nigeria.
Quarterly Profit and Revenue (M Riyal)
Average forecast
Herfy is expected to post a net profit of SAR 38 million in Q3 2021, a marginal decrease of 1% YoY, based on the estimate of one research firm.
Quarterly Actuals vs Estimates (M Riyal)
Average Estimate (M Riyal)
| Analyst | Million Riyals |
|---|---|
| Al Rajhi Capital Company | 38.00 |
| Average | 38.00 |
| Net Profit Before Unusual Items (2020 - Q3) | 38.37 |
| Change % | (0.96%) |
Stock Performance
| Item | The Company | TASI |
|---|---|---|
| YTD | (29.20 %) | 34.97 % |
| Change(12M) | (27.17 %) | 35.16 % |
| Previous Close | 61.30 | 11,624.98 |
| P/E adjusted (x) | 28.53 | 24.26 |
| EPS (TTM) before unusual items (SAR/Share) | 1.81 | - |
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Valuation Data (Latest Share Price)
| P/E (TTM) | NEG |
| P/E Before Unusual Items (TTM) | NEG |
| P/BV | 1.52 |
| Dividend Yield | 0.00 % |
| Market Cap. (M) | 1,483.76 |
| Return on Average Assets | (2.72 %) |
| Return on Average Equity | (5.09 %) |
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