Herfy Food Services Co. reported a net profit of SAR 8.4 million in 2023, compared to SAR 3.5 million in the earlier-year period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,243.84 | 1,173.70 | (5.6 %) |
| Gross Income | 307.00 | 284.41 | (7.4 %) |
| Operating Income | 27.51 | 30.36 | 10.3 % |
| Net Income | 3.55 | 8.39 | 136.5 % |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.05 | 0.13 | 136.5 % |
The leap was attributed to lower general and administrative expenses, as well as a decrease in financing expenditure.
The gains were limited by a drop in sales and other revenues, and higher sales and marketing expenses along with a rise in tax and Zakat fees.
Herfy swung from a net loss of SAR 59.28 million in Q4 2022, to a net profit of SAR 5.63 million due to lower selling, marketing general and administration expenses, along a decrease of finance cost.
The company logged 49.1% lower profit, compared to SAR 11.04 million in in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 299.19 | 297.31 | (0.6 %) |
| Gross Income | 56.01 | 75.22 | 34.3 % |
| Operating Income | (55.10) | 11.52 | 120.9 % |
| Net Income | (59.28) | 5.63 | 109.5 % |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | (0.92) | 0.09 | 109.5 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 313.04 | 297.31 | (5.0 %) |
| Gross Income | 83.09 | 75.22 | (9.5 %) |
| Operating Income | 15.81 | 11.52 | (27.2 %) |
| Net Income | 11.04 | 5.63 | (49.1 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.17 | 0.09 | (49.1 %) |
Total shareholders’ equity, no minority interest, stood at SAR 1.03 billion as of Dec. 31, 2023, compared to SAR 1.05 billion in the year-earlier period.
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