Herfy widens H1 2024 loss to SAR 23.2M; Q2 at SAR 23.7M

04/08/2024 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

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