Herfy net profit more than triples to SAR 112.2 mln in 9M 2021

26/10/2021 Argaam Exclusive

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Herfy Food Services Co. (Herfy Food) posted a net profit after Zakat and tax of SAR 112.2 million for the first nine months of 2021, a rise of over three fold from SAR 32.2 million in the prior-year period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	778.14	984.70	26.5 %
Gross Income	187.80	279.33	48.7 %
Operating Income	56.31	127.14	125.8 %
Net Income	32.27	112.20	247.7 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.50	1.73	247.7 %

The positive performance was driven by a 26.5% rise year-on-year (YoY) in sales, lower cost of finance, as well as general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	311.12	352.22	13.2 %
Gross Income	92.45	116.30	25.8 %
Operating Income	41.77	64.41	54.2 %
Net Income	41.38	60.06	45.1 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.64	0.93	45.1 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	321.37	352.22	9.6 %
Gross Income	80.92	116.30	43.7 %
Operating Income	30.42	64.41	111.7 %
Net Income	26.67	60.06	125.2 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.41	0.93	125.2 %

In Q3 2021, net profit after Zakat and tax jumped 45% to SAR 60.1 million from SAR 41.38 million a year earlier, backed by 13.2% growth YoY in sales, and lower cost of finance.

When compared to the previous quarter, net profit more than doubled from SAR 26.7 million.

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