Herfy net profit rises over threefold to SAR 161.7 mln in 2021

27/01/2022 Argaam Exclusive

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Herfy Food Services Co. (Herfy Food) posted an estimated net profit after Zakat and tax of SAR 161.7 million for 2021, a rise of over threefold from SAR 52.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,076.08	1,319.09	22.6 %
Gross Income	264.27	417.83	58.1 %
Operating Income	89.10	182.62	105.0 %
Net Income	52.84	151.79	187.3 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.82	2.35	187.3 %

The rise was fueled by a 22% year-on-year (YoY) increase in sales, along with lower general and administrative expenses, as well as finance costs. This came despite a decrease in other Income, and higher selling and marketing expenses.

In Q4 2021, Herfy reported a net profit after Zakat and tax of SAR 49.5 million, compared to SAR 20.6 million in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	297.94	334.39	12.2 %
Gross Income	76.48	138.50	81.1 %
Operating Income	32.79	55.48	69.2 %
Net Income	20.57	39.59	92.5 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.32	0.61	92.5 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	352.22	334.39	(5.1 %)
Gross Income	116.30	138.50	19.1 %
Operating Income	64.41	55.48	(13.9 %)
Net Income	60.06	39.59	(34.1 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.93	0.61	(34.1 %)

Total shareholders’ equity, after minority interest, grew by 10.16% to SAR 1.056 billion in 2021, from SAR 959.40 million in 2020.

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