Herfy Food Services Company is targeting the opening of 25 new restaurants in 2014, annual board report indicated.
The company added 8 new restaurants through 2013 to a total of 207 by the end of the year. It blamed labor shortages at contractors’ level for not achieving its plan to open 20 new branches in 2013.
The company said the newly opened restaurants are large restaurants that include all services.
|
Herfy Restaurants Growth |
|||
|
Restaurants Numbers |
Year |
||
|
Total |
Rented |
Owned |
|
|
102 |
94 |
8 |
2005 |
|
116 |
108 |
8 |
2006 |
|
127 |
114 |
13 |
2007 |
|
138 |
123 |
15 |
2008 |
|
152 |
134 |
18 |
2009 |
|
172 |
152 |
20 |
2010 |
|
188 |
168 |
20 |
2011 |
|
200 |
180 |
20 |
2012 |
|
207 |
187 |
20 |
2013 |
The restaurant sector’s sales rose to SAR 208.7m by the end of 2013; 2% higher than 2012, the company said that increased salaries and raw materials prices contributed to growth slowdown.
Herfy expects to fully operate the toast bread line in its Cake and Pastries Factory this year. The line started partial operations in Q4 of 2013.
Herfy’s sales slightly rose in 2013 to SAR 848.7m with a net profit of SAR 191.4m at SAR 5.8/share (6% higher than 2012).
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