Financial Results : Herfy turns to SAR 9.1 mln losses in H1 2020

Herfy turns to SAR 9.1 mln losses in H1 2020

10/08/2020 Argaam Exclusive

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Herfy Food Services Co. reported net loss after Zakat and tax of SAR 9.1 million for the first half of 2020, versus net profit of SAR 88.9 million in prior-year period, driven by a 25% drop in sales due to the COVID-19 lockdown.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 622.70 467.03 (25.0 %)
Gross Income 181.62 95.35 (47.5 %)
Operating Income 97.55 14.54 (85.1 %)
Net Income 88.91 (9.11) (110.2 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 1.37 (0.14) (110.2 %)

Herfy reported net loss after Zakat and tax of SAR 34.2 million for the second quarter, versus net profit of SAR 40.85 million in year-earlier period, due to lower sales on the lockdown measures in the Kingdom.

 

Herfy also cited the allocation of provisions at SAR 5 million for slow-moving inventory and SAR 5.9 million for doubtful debt.

 

When compared to the previous quarter, the company swung to losses versus net profit of SAR 25.13 million in Q1 2020.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 309.31 170.10 (45.0 %)
Gross Income 88.10 15.70 (82.2 %)
Operating Income 46.17 (20.65) (144.7 %)
Net Income 40.86 (34.24) (183.8 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 0.63 (0.53) (183.8 %)

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