Herfy 9M 2023 profit drops 96% to SAR 2.8 mln, Q3 at SAR 11 mln

02/11/2023 Argaam Exclusive

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Herfy Food Services Co. reported a net profit of SAR 2.8 million for the first nine months of 2023, a drop of 96% compared to SAR 62.8 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	944.65	876.39	(7.2 %)
Gross Income	251.00	209.20	(16.7 %)
Operating Income	82.61	18.84	(77.2 %)
Net Income	62.83	2.76	(95.6 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.97	0.04	(95.6 %)

The company said the profits retreated during the current period to lower sales, higher selling and marketing expenses, and, an increase in cost of sales.

This was despite lower administrative and general expenses, finance costs, and Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	315.57	313.04	(0.8 %)
Gross Income	79.06	83.09	5.1 %
Operating Income	25.34	15.81	(37.6 %)
Net Income	19.86	11.04	(44.4 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.31	0.17	(44.4 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	288.22	313.04	8.6 %
Gross Income	71.82	83.09	15.7 %
Operating Income	11.02	15.81	43.5 %
Net Income	4.54	11.04	143.4 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.07	0.17	143.4 %

Q3 2023 net profit fell 44% to SAR 11 million, from SAR 19.86 million in the year-earlier period.

On a sequential basis, Q3 net profit soared 143.4% from SAR 4.54 million.

Herfy cited the profit rise compared to Q2 2023 to higher sales and other revenues, along with lower administrative and general expenses. This came despite increased selling and marketing expenses.

Shareholders’ equity, no minority interest, reached SAR 1.02 billion by the end of the nine-month period, compared to SAR 1.10 billion in the year-earlier period.

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