Herfy Foods profits increased to SR60 mln during the 3Q by 45%

The net profit after zakat and tax for Herfy Food Services Company “Herfy Food” increased to 60 million riyals during the third quarter, compared to 41 million riyals during the same quarter of the previous year, at a rate of 45%.

This came following the announcement made by Herfy Food Services Co. of its interim financial results for the period ending on 30-9-2021 (nine Months).

The gross profit amounted to SR116 million during the third quarter, compared to SR84 million during the same quarter of the previous year, a growth of 38%.

The operational profit amounted to SR68 million during the third quarter, compared to SR51 million during the same quarter of the previous year, an increase of 34%.

The net profit after zakat and tax during the current period amounted to SR112 million, compared to SR32 million during the same period of the previous year, an increase of 248%.

Profits per share during the current period amounted to SR1.73, compared to SR0.5 during the same period of the previous year.

The reason for increase of the net profit for the 3rd Quarter 2021 compared to the net profit achieved for the same quarter 2020 mainly attributed to the increase of Sales by 13.2 % and decrease of General and Administration Expenses, and decrease Of the finance cost , despite of the decrease of the net other Income and the increase of the selling and marketing expenses

The reason for increase of the net profit for the 3rd Quarter 2021 compared to the net profit for 2nd Quarter 2021 due to the increase of the sales by 9.6 %, and the decrease of General and Administration Expenses, and decrease of the finance cost, despite of the decrease of the net other Income and the increase of the selling and marketing expenses.

The reason for the increase of the net profit for the period ended 30 September 2021 compared to the net profit for same period last year is attributed to the increase of Sales by 26.5 %, and the decrease of General and Administration Expenses, and The decrease of the finance cost, despite of the decrease of the net other Income and the increase of the selling and marketing expenses.

The company has achieved in the 3rd Quarter of 2021 a net profit of SR 60 million, which is the highest quarterly profit in the company’s history since it was listed back in 2010. In July 2021, the Restaurants Sector has achieved sales of SR 125.7 million, which are the highest monthly sales for the Restaurants Sector in the company’s history. These results reflect the Board of Directors tireless efforts to adopt best practices in order to develop the company’s main operational sectors, in addition to the company’s administrative restructuring on the executive management level.