Saudi Herfy to launch 30 new restaurants, new production line this year

Saudi Arabian Herfy Food Services Co, which runs fast food chains, plans to open 30 new restaurants in 2015, bringing the number of its operated or owned restaurants to 257, the company said in a statement.

As many as 52 restaurants were added to the chain in 2014, surpassing its target by 25 venues, it added. Two restaurants, however, were shut down last year.

Sales of the company’s restaurant sector rose 7 percent to SAR 775.1 million last year as the company launched new venues and reduced its costs.

Herfy also pointed out that it plans to start operations at a third line, which will produce croissants at its cake and pastry plant.

Last year, sales at Herfy increased 7 percent to SAR 910 million. Net income gained 8 percent to SAR 205.8 million last year, compared to the previous year, or SAR 4.45 a share.

Up to 70 percent of the company is owned by Panda United, which was bought in 1994 by Prince Al Waleed bin Talal, chief executive of the investment vehicle Kingdom Holding; thus giving Kingdom Holding a controlling stake.

Herfy, which means baby sheep in Arabic, has chain restaurants that sell fast food, pastries and bread.

Sales at Herfy increased 7 percent to SAR 910 Mln in 2014. Net income gained 8 percent to SAR 205.8 Mln last year, compared to the previous year, or SAR 4.45 a share.

Up to 70 percent of the company is owned by Panda. Panda United was bought by Prince AlWaleed bin Talal, CEO of the investment vehicle, Kingdom Holding, in 1994, thus giving Kingdom Holding a controlling stake.

Herfy, which means a baby sheep, has chain restaurants that sell fast food, pastries and bread.