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

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 28.73 (17.54) (161.1 %)
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 19.71 (22.42) (213.8 %)
Net Income 11.04 (33.37) (402.2 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 0.17 (0.52) (402.2 %)

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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Quarterly Actuals vs Estimates 28/10/2024

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