“Herfy Foods” profits jump 136.5% during 2023 to 8.3 million riyals

Herfy Food Services Company revealed that net profit during the year ending on December 31, 2023 increased to 8.3 million riyals, compared to 3.5 million riyals in the year before last, by 136.5%. This came after today’s announcement of the annual financial results ending on December 31, 2023.

Operating profit reached 43 million riyals during the year ending December 31, 2023, compared to 41 million riyals in the year before last, an increase of 4.9%.

Total ownership rights (after excluding non-controlling interests) amounted to 1.03 billion riyals last year, compared to 1.05 billion riyals in the year before last, a decrease of 2.1%.

Earnings per share last year reached 0.13 riyals, compared to 0.05 riyals in the year before last.

 The reason for the decrease in sales by 5.6% during the year 2023 compared to the previous year 2022 is due to the decrease in sales in the restaurant sector.

The reason for the increase in net profit for the year 2023 compared to the previous year, 2022, is due to the decrease in general and administrative expenses and the decrease in financing expenses despite the decrease in sales and other revenues, the increase in selling and marketing expenses, and the increase in zakat expense.