Financial Results : Herfy 2023 profit leaps to SAR 8.4M; Q4 at 5.6M

Herfy 2023 profit leaps to SAR 8.4M; Q4 at 5.6M

06/02/2024 Argaam Exclusive

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Herfy Food Services Co. reported a net profit of SAR 8.4 million in 2023, compared to SAR 3.5 million in the earlier-year period. 



Financials (M)

Item 2022 2023 Change‬
Revenues 1,243.84 1,173.70 (5.6 %)
Gross Income 307.00 284.41 (7.4 %)
Operating Income 27.51 30.36 10.3 %
Net Income 3.55 8.39 136.5 %
Average Shares 64.68 64.68 -
EPS (Riyals) 0.05 0.13 136.5 %

The leap was attributed to lower general and administrative expenses, as well as a decrease in financing expenditure.

 

The gains were limited by a drop in sales and other revenues, and higher sales and marketing expenses along with a rise in tax and Zakat fees.

 

Herfy swung from a net loss of SAR 59.28 million in Q4 2022, to a net profit of SAR 5.63 million due to lower selling, marketing general and administration expenses, along a decrease of finance cost.

 

The company logged 49.1% lower profit, compared to SAR 11.04 million in in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 299.19 297.31 (0.6 %)
Gross Income 56.01 75.22 34.3 %
Operating Income (55.10) 11.52 120.9 %
Net Income (59.28) 5.63 109.5 %
Average Shares 64.68 64.68 -
EPS (Riyals) (0.92) 0.09 109.5 %

Total shareholders’ equity, no minority interest, stood at SAR 1.03 billion as of Dec. 31, 2023, compared to SAR 1.05 billion in the year-earlier period.

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