Financial Results : Herfy net profit falls 48% to SAR 25 mln in Q1 2020

Herfy net profit falls 48% to SAR 25 mln in Q1 2020

23/04/2020 Argaam Exclusive

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Herfy Food Services Co. reported a 47.7% decline year-on-year (YoY) in net profit after Zakat and tax to SAR 25 million for the first quarter of 2020.

 

The profit drop was driven by lower sales on the Kingdom's precautionary measures to curb the COVID-19 outbreak. The company also cited higher selling and marketing expenses in addition to lower other income.

 

On a sequential basis, net profit after Zakat and tax decreased by 49.37%.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 313.40 296.93 (5.3 %)
Gross Income 93.54 79.13 (15.4 %)
Operating Income 51.40 34.67 (32.5 %)
Net Income 48.06 25.13 (47.7 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 0.74 0.39 (47.7 %)

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