Herfy profit tumbles 73% to SAR 52.8 mln in 2020

04/03/2021 Argaam Exclusive

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Herfy Food Services Co. reported an annual net profit after Zakat and tax of SAR 52.8 million for 2020, a slump of 73% year-on-year (YoY), on a 16.6% drop YoY in sales amid the precautionary measures adopted by the Kingdom.

Herfy was hit by the closure of its restaurants in commercial centers, and the limitation of service in some restaurants to home delivery service only and the reduction of working hours at stores. It was also impacted by an increase in general and administration expenses.

Moreover, net other income for the fiscal year 2019 included SAR 5.7 million refund of Iqama charges from the Saudi government and SAR 2.2 million capital gains on selling some assets.

Financials (M)

Item	2019	2020	Change‬
Revenues	1,288.31	1,076.08	(16.5 %)
Gross Income	392.64	264.27	(32.7 %)
Operating Income	221.59	89.10	(59.8 %)
Net Income	196.09	52.84	(73.1 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	3.03	0.82	(73.1 %)

The fourth-quarter net profit after Zakat and tax also plunged 57% YoY to SAR 20.57 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	326.52	297.94	(8.8 %)
Gross Income	100.06	76.48	(23.6 %)
Operating Income	56.43	32.79	(41.9 %)
Net Income	49.64	20.57	(58.6 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.77	0.32	(58.6 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	311.12	297.94	(4.2 %)
Gross Income	92.45	76.48	(17.3 %)
Operating Income	41.77	32.79	(21.5 %)
Net Income	41.38	20.57	(50.3 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.64	0.32	(50.3 %)

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