Herfy incurs SAR 8.3 mln loss in H1 2023, posts SAR 4.5 mln profit in Q2

06/08/2023 Argaam Exclusive

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Herfy Food Services Co. swung to a net loss of SAR 8.3 million in H1 2023 against a net profit of SAR 48 million in H1 2022, due to lower sales and increased cost of goods sold.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	629.08	563.35	(10.4 %)
Gross Income	176.95	126.10	(28.7 %)
Operating Income	62.29	3.02	(95.1 %)
Net Income	48.00	(8.28)	(117.3 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.74	(0.13)	(117.3 %)

The company also reported higher selling and marketing expenses and Zakat charges, despite better other income, as well as lower general and administrative expenses (G&A), and finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	298.08	288.22	(3.3 %)
Gross Income	80.01	71.82	(10.2 %)
Operating Income	27.71	11.02	(60.2 %)
Net Income	21.28	4.54	(78.7 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.33	0.07	(78.7 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	275.13	288.22	4.8 %
Gross Income	54.28	71.82	32.3 %
Operating Income	(8.00)	11.02	237.8 %
Net Income	(12.82)	4.54	135.4 %
Average Shares	64.68	64.68	-
EPS (Riyals)	(0.20)	0.07	135.4 %

The second-quarter net profit plunged 79% to SAR 4.5 million from SAR 21.2 million in the prior-year period on a drop in sales and higher cost of goods sold. Herfy reported an increase in G&A, as well as selling and marketing expenses along with a decline in other income.

The Kingdom’s largest fast-food chain turned profitable in Q2 from a net loss of SAR 12.8 million in Q1 2023, backed by better sales along with a decline in the cost of goods sold, as well as selling and marketing expenses.

Shareholders’ equity, no minority interest, declined to SAR 1.01 billion by the end of the six-month period, compared to SAR 1.09 billion a year earlier.

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