Herfy swings to SAR 56.6M net loss in 9M 2024; Q3 loss at SAR 33.4M

27/10/2024 Argaam Exclusive

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Herfy Food Services Co. (Herfy) reported a net loss of SAR 56.6 million for the first nine months of 2024, versus a net profit of SAR 2.8 million in the prior-year period, due to lower revenue as sales in restaurant and bakeries segments edged down.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	876.39	868.82	(0.9 %)
Gross Income	209.20	184.12	(12.0 %)
Operating Income	18.84	(27.18)	(244.3 %)
Net Income	2.76	(56.62)	(2150.3 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.04	(0.88)	(2150.3 %)

Meanwhile, the company noted a decline in selling and marketing expenses, decreased general and administration expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	313.04	278.65	(11.0 %)
Gross Income	83.09	46.48	(44.1 %)
Operating Income	15.81	(25.40)	(260.6 %)
Net Income	11.04	(33.37)	(402.2 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	0.17	(0.52)	(402.2 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	301.12	278.65	(7.5 %)
Gross Income	65.53	46.48	(29.1 %)
Operating Income	(8.41)	(25.40)	(202.1 %)
Net Income	(23.70)	(33.37)	(40.8 %)
Average Shares	64.68	64.68	-
EPS (Riyals)	(0.37)	(0.52)	(40.8 %)

The company reported a net loss of SAR 33.4 million in Q3 2024, versus a net profit of SAR 11.04 million in Q3 2023, on decreased sales and other income.

On a sequential basis, net loss widened from SAR 23.7 million.

Total shareholders’ equity, no minority interest, reached SAR 976.86 million by Sept. 30, 2024, compared to SAR 1.02 billion a year earlier.

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