Financial Results : Herfy turns to SAR 12.8 mln loss in Q1 2023

Herfy turns to SAR 12.8 mln loss in Q1 2023

09/05/2023 Argaam Exclusive

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Herfy Food Services Co.  reported a net loss of SAR 12.8 million in Q1 2023, versus a net profit of SAR 26.7 million in the year earlier period, as sales declined 16.8% year-on-year (YoY) due to seasonal factors including Ramadan. In addition, selling and marketing expenses edged higher.

 


Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 331.00 275.13 (16.9 %)
Gross Income 96.94 54.28 (44.0 %)
Operating Income 34.58 (8.00) (123.1 %)
Net Income 26.72 (12.82) (148.0 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 0.41 (0.20) (148.0 %)

On a sequential basis, net losses shrank 80.6% from SAR 65.99 million, due to lower selling, marketing, general and administrative expenses. 

 

Total shareholders’ equity, no minority interest, stood at SAR 1.04 billion as of March 31, 2023, compared to SAR 1.07 billion in the prior-year period.   

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