Herfy dues announcement 'misleading', says ex-Acting CEO

A branch of Herfy Food Services Co.

Khalid Al-Saeed, ex-Acting CEO of Herfy Food Services Co., said the company's announcement regarding his dues is 'misleading', Al Ekhbariya TV reported.
 

He clarified that the dues are a severance pay rather than a vacation balance, noting that based on the labor court ruling on the dues, a complaint will be submitted to the Capital Market Authority to correct the announcement.
 

According to data compiled by Argaam, Herfy incurred a loss of SAR 23.7 million for the second quarter of 2024. This was due to higher general and administrative expenses that included the implementation of the labor court ruling in favor of Khalid Al-Saeed, in which he claimed an unused vacation balance for a period more than 18 years.

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