Herfy 2022 profit slumps 98% to SAR 3.6 mln; Q4 turns loss of SAR 66 mln

16/03/2023 Argaam Exclusive

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Herfy Food Services Co. reported a net profit of SAR 3.6 million in 2022, a 98% plunge from SAR 151.8 million in the year-earlier period.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,319.09	1,243.84	(5.7 %)
Gross Income	417.83	307.00	(26.5 %)
Operating Income	182.62	27.51	(84.9 %)
Net Income	151.79	3.55	(97.7 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	2.35	0.05	(97.7 %)

The profit decrease was triggered by lower sales and an increase in cost of sales, along with higher selling, marketing, general and administrative expenses.

The company also cited higher provisions for asset impairment and the financial impact of revaluating useful lives of leased assets according to IFRS 16.

Herfy reported a net loss of SAR 66 million in Q4 2022, versus a net profit of SAR 39.59 million in a prior-year period.

On a sequential basis, Herfy turned to loss in Q4 2022, from SAR 20.95 million in earnings in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	334.39	299.19	(10.5 %)
Gross Income	138.50	56.01	(59.6 %)
Operating Income	55.48	(55.10)	(199.3 %)
Net Income	39.59	(59.28)	(249.7 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.61	(0.92)	(249.7 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	315.57	299.19	(5.2 %)
Gross Income	79.06	56.01	(29.2 %)
Operating Income	25.34	(55.10)	(317.4 %)
Net Income	19.86	(59.28)	(398.6 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.31	(0.92)	(398.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.05 billion as of Dec. 31, 2022, compared to SAR 1.04 billion in the year-earlier period.

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