Herfy food’s net profit up 12% to SAR 157.1m for the first nine months of 2014

Herfy Food Services Company, which owns and operates Herfy fast food restaurants, reported a net profit of SAR 157.1m for the nine months ended September 30, 2014, a 12% increase compared to the same period last year.

A net profit of SAR 56.7m was reported for Q3-2014 compared to SAR 52.4m in Q2.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	630.11	667.36	5.9 %
Gross Income	199.78	219.39	9.8 %
Operating Income	135.84	146.65	8.0 %
Net Income	140.08	157.12	12.2 %
Average Shares	64.68	64.68	-
EPS (Riyals)	2.17	2.43	12.2 %

The company attributed the increase of the first nine months of 2014’s net profit compared to the same period last year to the increase of sales to 667.4 M SAR compared to 630.1 M SAR for the same period last year due to the opening of 25 new restaurants during the nine months of 2014, as well as the decrease of the cost of sales, and the increase of other income during Q3 of the current year where the company has achieved a capital gain of 13 M SAR generated from the sale of land owned by the company.

Q3-2014’s net profit increase compared to the same period last year was attributed to the increase of sales to 224.7 M SAR compared to 198.5 M SAR for the same period last year, as well as the decrease of the cost of sales, and the increase of other income during Q3 of the current year where the company has achieved a capital gain of 13 M SAR generated from the sale of land owned by the company.

The net profit increase of Q3-2014 compared to the previous period (Q2-2014) was attributed to the increase of other income during the third quarter of the current year, despite the decrease of the operation profit of the third quarter of 2014 compared to the previous quarter of 2014 is due to the variance in demand between both periods, as well as the increase of the selling and marketing and administrative expenses during the third quarter of 2014.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	198.54	224.71	13.2 %
Gross Income	60.26	71.72	19.0 %
Operating Income	38.62	44.18	14.4 %
Net Income	42.40	56.72	33.8 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.66	0.88	33.8 %

Item	Q2 2014	Q3 2014	Change‬
Revenues	226.72	224.71	(0.9 %)
Gross Income	76.35	71.72	(6.1 %)
Operating Income	53.30	44.18	(17.1 %)
Net Income	52.40	56.72	8.2 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.81	0.88	8.2 %

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Share Price

Herfy Food Services Co. (HERFY FOODS)

	Current
Market Cap (M Riyal)	1,512.22
Enterprise Value (EV) (M)	1,484.84
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	1.55
Return on Average Assets (%) (TTM)	(2.72 )
Return on Average Equity (%) (TTM)	(5.09 )

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	323.87	-	96.19	-	55.38	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	375.03	15.8 %	108.89	13.2 %	65.25	17.8 %
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	466.46	24.4 %	143.95	32.2 %	95.75	46.8 %
Q1 2009	122.50	-	37.83	-	24.17	-
Q2 2009	132.10	-	45.32	-	30.76	-
Q3 2009	133.16	-	43.53	-	30.43	-
Q4 2009	129.83	-	42.63	-	28.07	-
2009	517.59	11.0 %	169.30	17.6 %	113.43	18.5 %
Q1 2010	136.19	11.2 %	44.41	17.4 %	28.61	18.4 %
Q2 2010	146.75	11.1 %	49.83	10.0 %	32.02	4.1 %
Q3 2010	145.82	9.5 %	47.79	9.8 %	30.85	1.4 %
Q4 2010	151.17	16.4 %	50.87	19.3 %	32.26	15.0 %
2010	579.93	12.0 %	192.90	13.9 %	123.75	9.1 %
Q1 2011	159.30	17.0 %	50.63	14.0 %	32.90	15.0 %
Q2 2011	188.42	28.4 %	61.27	23.0 %	39.66	23.9 %
Q3 2011	172.52	18.3 %	52.06	8.9 %	34.52	11.9 %
Q4 2011	188.33	24.6 %	62.29	22.4 %	41.20	27.7 %
2011	708.57	22.2 %	226.24	17.3 %	148.27	19.8 %
Q1 2012	198.94	24.9 %	61.70	21.9 %	40.84	24.1 %
Q2 2012	218.32	15.9 %	70.50	15.1 %	48.28	21.7 %
Q3 2012	203.04	17.7 %	61.28	17.7 %	41.99	21.7 %
Q4 2012	221.71	17.7 %	72.88	17.0 %	49.54	20.2 %
2012	842.02	18.8 %	266.36	17.7 %	180.64	21.8 %
Q1 2013	208.77	4.9 %	67.06	8.7 %	46.65	14.2 %
Q2 2013	222.81	2.1 %	72.45	2.8 %	50.57	4.7 %
Q3 2013	198.54	(2.2 %)	60.26	(1.7 %)	38.62	(8.0 %)
Q4 2013	218.59	(1.4 %)	73.37	0.7 %	50.85	2.6 %
2013	848.70	0.8 %	273.15	2.5 %	187.80	4.0 %
Q1 2014	215.93	3.4 %	71.32	6.3 %	49.18	5.4 %
Q2 2014	226.72	1.8 %	76.35	5.4 %	53.30	5.4 %
Q3 2014	224.71	13.2 %	71.72	19.0 %	44.18	14.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	323.87	-	96.19	-	55.38	-
2007	375.03	15.8 %	108.89	13.2 %	65.25	17.8 %
2008	466.46	24.4 %	143.95	32.2 %	95.75	46.8 %
2009	517.59	11.0 %	169.30	17.6 %	113.43	18.5 %
2010	579.93	12.0 %	192.90	13.9 %	123.75	9.1 %
2011	708.57	22.2 %	226.24	17.3 %	148.27	19.8 %
2012	842.02	18.8 %	266.36	17.7 %	180.64	21.8 %
2013	848.70	0.8 %	273.15	2.5 %	187.80	4.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	47.47	-	0.73	-	47.47	0.73
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	61.59	29.8 %	0.95	-	61.59	0.95
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	91.26	48.2 %	1.41	-	91.26	1.41
Q1 2009	23.76	-	0.37	-	23.76	0.37
Q2 2009	31.35	-	0.48	-	31.35	0.48
Q3 2009	29.92	-	0.46	-	29.92	0.46
Q4 2009	29.62	-	0.46	-	29.62	0.46
2009	114.64	25.6 %	1.77	-	114.64	1.77
Q1 2010	28.15	18.5 %	0.44	-	28.15	0.44
Q2 2010	32.61	4.0 %	0.50	-	32.61	0.50
Q3 2010	30.43	1.7 %	0.47	-	30.43	0.47
Q4 2010	33.09	11.7 %	0.51	-	33.09	0.51
2010	124.27	8.4 %	1.92	-	124.27	1.92
Q1 2011	32.55	15.6 %	0.50	-	32.55	0.50
Q2 2011	39.36	20.7 %	0.61	-	39.36	0.61
Q3 2011	34.46	13.2 %	0.53	-	34.46	0.53
Q4 2011	40.28	21.7 %	0.62	-	40.28	0.62
2011	146.65	18.0 %	2.27	-	146.65	2.27
Q1 2012	40.60	24.8 %	0.63	-	40.60	0.63
Q2 2012	49.31	25.3 %	0.76	-	49.31	0.76
Q3 2012	42.38	23.0 %	0.66	-	42.38	0.66
Q4 2012	48.87	21.3 %	0.76	-	48.87	0.76
2012	181.16	23.5 %	2.80	-	181.16	2.80
Q1 2013	46.46	14.4 %	0.72	-	46.46	0.72
Q2 2013	51.22	3.9 %	0.79	-	51.22	0.79
Q3 2013	42.40	0.0 %	0.66	-	42.40	0.66
Q4 2013	57.57	17.8 %	0.89	6.22	51.34	0.79
2013	191.43	5.7 %	2.96	6.22	185.20	2.86
Q1 2014	48.01	3.3 %	0.74	-	48.01	0.74
Q2 2014	52.40	2.3 %	0.81	-	52.40	0.81
Q3 2014	56.72	33.8 %	0.88	13.00	43.72	0.68

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	47.47	-	0.73	-	47.47	0.73
2007	61.59	29.8 %	0.95	-	61.59	0.95
2008	91.26	48.2 %	1.41	-	91.26	1.41
2009	114.64	25.6 %	1.77	-	114.64	1.77
2010	124.27	8.4 %	1.92	-	124.27	1.92
2011	146.65	18.0 %	2.27	-	146.65	2.27
2012	181.16	23.5 %	2.80	-	181.16	2.80
2013	191.43	5.7 %	2.96	6.22	185.20	2.86

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	29.70 %	22.49 %	14.66 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	29.03 %	22.83 %	16.42 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	30.86 %	25.76 %	19.56 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	32.71 %	27.26 %	22.15 %
2009	32.71 %	27.26 %	22.15 %
Q1 2010	33.11 %	27.66 %	22.40 %
Q2 2010	33.04 %	27.45 %	22.03 %
Q3 2010	33.06 %	27.12 %	21.63 %
Q4 2010	33.26 %	27.12 %	21.43 %
2010	33.26 %	27.12 %	21.43 %
Q1 2011	33.02 %	27.11 %	21.34 %
Q2 2011	32.66 %	26.79 %	21.01 %
Q3 2011	32.00 %	26.51 %	20.77 %
Q4 2011	31.93 %	26.56 %	20.70 %
2011	31.93 %	26.56 %	20.70 %
Q1 2012	31.72 %	26.37 %	20.68 %
Q2 2012	31.69 %	26.60 %	21.16 %
Q3 2012	31.63 %	26.74 %	21.34 %
Q4 2012	31.63 %	26.91 %	21.52 %
2012	31.63 %	26.92 %	21.52 %
Q1 2013	31.90 %	27.49 %	21.95 %
Q2 2013	31.96 %	27.80 %	22.06 %
Q3 2013	32.01 %	27.66 %	22.18 %
Q4 2013	32.18 %	27.95 %	22.56 %
2013	32.18 %	28.08 %	21.82 %
Q1 2014	32.41 %	28.02 %	22.55 %
Q2 2014	32.72 %	28.34 %	22.58 %
Q3 2014	33.05 %	28.31 %	22.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	-	-	-
2006	29.70 %	22.49 %	14.66 %
2007	29.03 %	22.83 %	16.42 %
2008	30.86 %	25.76 %	19.56 %
2009	32.71 %	27.26 %	22.15 %
2010	33.26 %	27.12 %	21.43 %
2011	31.93 %	26.56 %	20.70 %
2012	31.63 %	26.92 %	21.52 %
2013	32.18 %	28.08 %	21.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	30.88 %	24.81 %	19.39 %
Q2 2009	34.30 %	28.24 %	23.73 %
Q3 2009	32.69 %	28.37 %	22.47 %
Q4 2009	32.84 %	27.43 %	22.81 %
Q1 2010	32.61 %	26.60 %	20.67 %
Q2 2010	33.95 %	27.43 %	22.22 %
Q3 2010	32.78 %	27.02 %	20.87 %
Q4 2010	33.65 %	27.39 %	21.89 %
Q1 2011	31.78 %	26.62 %	20.43 %
Q2 2011	32.52 %	26.26 %	20.89 %
Q3 2011	30.18 %	25.92 %	19.98 %
Q4 2011	33.07 %	27.39 %	21.39 %
Q1 2012	31.01 %	25.92 %	20.41 %
Q2 2012	32.29 %	27.07 %	22.58 %
Q3 2012	30.18 %	26.58 %	20.87 %
Q4 2012	32.87 %	27.96 %	22.04 %
Q1 2013	32.12 %	28.32 %	22.26 %
Q2 2013	32.52 %	28.27 %	22.99 %
Q3 2013	30.35 %	25.95 %	21.35 %
Q4 2013	33.57 %	29.08 %	23.49 %
Q1 2014	33.03 %	28.61 %	22.23 %
Q2 2014	33.68 %	29.48 %	23.11 %
Q3 2014	31.92 %	26.08 %	19.45 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	64.68	-	-	4.42
Q2 2009	64.68	-	-	4.59
Q3 2009	64.68	-	-	5.06
Q4 2009	64.68	1.77	1.77	4.90
Q1 2010	64.68	1.84	1.84	5.33
Q2 2010	64.68	1.86	1.86	5.52
Q3 2010	64.68	1.87	1.87	5.37
Q4 2010	64.68	1.92	1.92	5.88
Q1 2011	64.68	1.99	1.99	6.38
Q2 2011	64.68	2.09	2.09	6.34
Q3 2011	64.68	2.16	2.16	6.17
Q4 2011	64.68	2.27	2.27	6.80
Q1 2012	64.68	2.39	2.39	7.42
Q2 2012	64.68	2.55	2.55	7.46
Q3 2012	64.68	2.67	2.67	7.31
Q4 2012	64.68	2.80	2.80	8.06
Q1 2013	64.68	2.89	2.89	8.78
Q2 2013	64.68	2.92	2.92	8.73
Q3 2013	64.68	2.92	2.92	8.50
Q4 2013	64.68	3.06	2.96	9.29
Q1 2014	64.68	3.08	2.98	10.03
Q2 2014	64.68	3.10	3.00	9.92
Q3 2014	64.68	3.32	3.02	9.73

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	-	-	-	-
2006	64.68	0.73	0.73	3.08
2007	64.68	0.95	0.95	3.57
2008	64.68	1.41	1.41	4.05
2009	64.68	1.77	1.77	4.90
2010	64.68	1.92	1.92	5.88
2011	64.68	2.27	2.27	6.80
2012	64.68	2.80	2.80	8.06
2013	64.68	2.96	2.86	9.29

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	13.89	13.89	4.79
Q2 2010	16.32	16.32	5.50
Q3 2010	17.54	17.54	6.10
Q4 2010	17.15	17.15	5.61
Q1 2011	16.78	16.78	5.23
Q2 2011	17.34	17.34	5.73
Q3 2011	16.13	16.13	5.63
Q4 2011	17.48	17.48	5.83
Q1 2012	17.64	17.64	5.68
Q2 2012	16.12	16.12	5.50
Q3 2012	17.55	17.55	6.41
Q4 2012	17.38	17.38	6.04
Q1 2013	18.40	18.40	6.06
Q2 2013	20.78	20.78	6.95
Q3 2013	20.95	20.95	7.20
Q4 2013	18.53	19.13	6.09
Q1 2014	22.85	23.59	7.02
Q2 2014	23.25	24.00	7.26
Q3 2014	22.07	24.25	7.53

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	17.15	17.15	5.61
2011	17.48	17.48	5.83
2012	17.38	17.38	6.04
2013	19.13	19.77	6.09

Business Segments (Million)

Compared With The

Period	Restaurants	Meat Factory	Bakeries	Shaboura factory
Q1 2009	94.27	2.74	21.45	4.04
Q2 2009	102.85	3.28	22.06	3.92
Q3 2009	107.65	3.02	19.09	3.39
Q4 2009	99.25	3.71	22.54	4.33
Q1 2010	104.81	4.03	22.98	4.37
Q2 2010	115.81	4.45	23.12	3.38
Q3 2010	120.95	4.30	18.30	2.27
Q4 2010	119.57	5.56	23.02	3.02
Q1 2011	124.61	6.28	23.98	4.43
Q2 2011	152.46	5.94	26.29	3.73
Q3 2011	144.55	5.36	20.74	1.88
Q4 2011	151.15	6.80	27.33	3.06
Q1 2012	161.28	7.26	27.15	3.26
Q2 2012	177.78	6.61	29.96	3.97
Q3 2012	170.50	5.86	33.91	-
Q4 2012	187.78	7.21	26.73	-
Q1 2013	176.07	6.47	26.22	-
Q2 2013	189.39	6.62	26.81	-
Q3 2013	173.20	6.79	18.54	-
Q4 2013	185.46	8.70	24.42	-
Q1 2014	182.75	7.74	25.44	-
Q2 2014	191.16	7.68	27.88	-
Q3 2014	196.58	6.76	21.37	-

Period	Restaurants	Meat Factory	Bakeries	Shaboura factory
2006	247.84	-	63.21	12.82
2007	287.97	4.66	68.49	13.91
2008	363.67	9.86	78.88	14.05
2009	404.03	12.74	85.14	15.68
2010	461.15	18.33	87.43	13.03
2011	572.77	24.37	98.33	13.10
2012	697.34	26.93	117.74	-
2013	724.12	28.58	95.99	-

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Herfy food’s net profit up 12% to SAR 157.1m for the first nine months of 2014

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Herfy Food Services Co. (HERFY FOODS)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q3

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Herfy food’s net profit up 12% to SAR 157.1m for the first nine months of 2014

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Herfy Food Services Co. (HERFY FOODS)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2014

Revenue by Business Segment (Latest) 2014 Q3

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Business Segments (Million)