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 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	313.04	297.31	(5.0 %)
Gross Income	83.09	75.22	(9.5 %)
Operating Income	15.81	11.52	(27.2 %)
Net Income	11.04	5.63	(49.1 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.17	0.09	(49.1 %)

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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