Herfy 9M net profit down 38% to SAR 69.5 mln, Q3 at SAR 21 mln

26/10/2022 Argaam Exclusive

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Herfy Food Services Co. reported a net profit after Zakat and tax of SAR 69.5 million for the first nine months of 2022, a decline of 38% compared to SAR 112.2 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	984.70	944.65	(4.1 %)
Gross Income	279.33	251.00	(10.1 %)
Operating Income	127.14	82.61	(35.0 %)
Net Income	112.20	62.83	(44.0 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	1.73	0.97	(44.0 %)

This was attributed to a 5.6% decrease in sales year-on-year (YoY), higher cost of goods sold (COGS), increased cost of materials and squeezed profit margins.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	352.22	315.57	(10.4 %)
Gross Income	116.30	79.06	(32.0 %)
Operating Income	64.41	25.34	(60.7 %)
Net Income	60.06	19.86	(66.9 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.93	0.31	(66.9 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	298.08	315.57	5.9 %
Gross Income	80.01	79.06	(1.2 %)
Operating Income	27.71	25.34	(8.6 %)
Net Income	21.28	19.86	(6.7 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.33	0.31	(6.7 %)

Q3 2022 net profit after Zakat and tax dropped 65% to SAR 21 million, from SAR 60.1 million in the year earlier period, driven by a 12% slump in sales YoY and an increase in COGS, which weighed on profit margins. Herfy also cited higher general and administrative expenses.

On a sequential basis, Q3 net profit grew 3.7% from SAR 20.2 million in Q2 2022.

Shareholders’ equity, after minority interest, reached SAR 1.117 billion by the end of the nine-month period, compared to SAR 1.006 billion in the year-earlier period.

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