Herfy Food Services Co. posted a net loss of SAR 23.2 million in H1 2024, compared with SAAR 8.3 million a year before.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 563.35 | 590.16 | 4.8 % |
| Gross Income | 126.10 | 137.64 | 9.1 % |
| Operating Income | 3.02 | (1.78) | (158.9 %) |
| Net Income | (8.28) | (23.25) | (180.8 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | (0.13) | (0.36) | (180.8 %) |
This was due to higher selling and marketing expenses caused by an increase in delivery application costs. General, administrative, and financing expenses, as well as Zakat fees, also increased.
However, the company posted higher H1 2024 revenues on strong sales by the restaurant and meat segments. This is in addition to higher sales and other income.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 288.22 | 301.12 | 4.5 % |
| Gross Income | 71.82 | 65.53 | (8.8 %) |
| Operating Income | 11.02 | (8.41) | (176.3 %) |
| Net Income | 4.54 | (23.70) | (622.4 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.07 | (0.37) | (622.4 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 289.04 | 301.12 | 4.2 % |
| Gross Income | 72.10 | 65.53 | (9.1 %) |
| Operating Income | 6.62 | (8.41) | (226.9 %) |
| Net Income | 0.45 | (23.70) | (5387.3 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.01 | (0.37) | (5387.3 %) |
In Q2 2024, Herfy incurred a loss of SAR 23.7 million, against a profit of SAR 4.54 million in Q2 2023, due to higher selling, marketing, general, administrative, and financing expenses.
The fast-food chain also suffered a loss in Q2 2024 from a profit of SAR 450,000 in Q1 2024.
Shareholders’ equity, no minority interest, declined to SAR 1.010 billion by the end of the six-month period, compared to SAR 1.015 billion a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}