Herfy’s net profit edges up in 9M 2016

19/10/2016 Argaam Exclusive

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Share Price

Herfy Food Services Co. (HERFY FOODS)

Herfy Food Services Co. reported a net profit of SAR 162 million for the first nine months of 2016, a 3 percent year-on-year (YoY) rise attributed to higher sales due to the opening of new stores.

Financials (M)

Item	9m 2015	9m 2016	Change‬
Revenues	804.03	876.45	9.0 %
Gross Income	247.24	257.24	4.0 %
Operating Income	162.09	163.68	1.0 %
Net Income	157.46	162.13	3.0 %
Average Shares	64.68	64.68	-
EPS (Riyals)	2.43	2.51	3.0 %

Net profit for the third quarter grew by 3.9 percent YoY to SAR 58.8 million, thanks to a 13 percent jump YoY in sales. On a sequential quarter basis, Q3-2016 net profit was 18.4 percent higher.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2015	Q3 2016	Change‬
Revenues	279.47	315.17	12.8 %
Gross Income	85.35	95.22	11.6 %
Operating Income	57.05	62.64	9.8 %
Net Income	56.65	59.29	4.7 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.88	0.92	4.7 %

Item	Q2 2016	Q3 2016	Change‬
Revenues	277.73	315.17	13.5 %
Gross Income	76.77	95.22	24.0 %
Operating Income	47.92	62.64	30.7 %
Net Income	49.48	59.29	19.8 %
Average Shares	64.68	64.68	-
EPS (Riyals)	0.77	0.92	19.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	375.03	15.8 %	108.89	13.2 %	61.59	29.8 %	0.95
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	466.46	24.4 %	143.95	32.2 %	91.26	48.2 %	1.41
Q1 2009	122.50	-	37.83	-	23.76	-	0.37
Q2 2009	132.10	-	45.32	-	31.35	-	0.48
Q3 2009	133.16	-	43.53	-	29.92	-	0.46
Q4 2009	129.83	-	42.63	-	29.62	-	0.46
2009	517.59	11.0 %	169.30	17.6 %	114.64	25.6 %	1.77
Q1 2010	136.19	11.2 %	44.41	17.4 %	28.15	18.5 %	0.44
Q2 2010	146.75	11.1 %	49.83	10.0 %	32.61	4.0 %	0.50
Q3 2010	145.82	9.5 %	47.79	9.8 %	30.43	1.7 %	0.47
Q4 2010	151.17	16.4 %	50.87	19.3 %	33.09	11.7 %	0.51
2010	579.93	12.0 %	192.90	13.9 %	124.27	8.4 %	1.92
Q1 2011	159.30	17.0 %	50.63	14.0 %	32.55	15.6 %	0.50
Q2 2011	188.42	28.4 %	61.27	23.0 %	39.36	20.7 %	0.61
Q3 2011	172.52	18.3 %	52.06	8.9 %	34.46	13.2 %	0.53
Q4 2011	188.33	24.6 %	62.29	22.4 %	40.28	21.7 %	0.62
2011	708.57	22.2 %	226.24	17.3 %	146.65	18.0 %	2.27
Q1 2012	198.94	24.9 %	61.70	21.9 %	40.60	24.8 %	0.63
Q2 2012	218.32	15.9 %	70.50	15.1 %	49.31	25.3 %	0.76
Q3 2012	203.04	17.7 %	61.28	17.7 %	42.38	23.0 %	0.66
Q4 2012	221.71	17.7 %	72.88	17.0 %	48.87	21.3 %	0.76
2012	842.02	18.8 %	266.36	17.7 %	181.16	23.5 %	2.80
Q1 2013	208.77	4.9 %	67.06	8.7 %	46.46	14.4 %	0.72
Q2 2013	222.81	2.1 %	72.45	2.8 %	51.22	3.9 %	0.79
Q3 2013	198.54	(2.2 %)	60.26	(1.7 %)	42.40	0.0 %	0.66
Q4 2013	218.59	(1.4 %)	73.37	0.7 %	57.57	17.8 %	0.89
2013	848.70	0.8 %	273.15	2.5 %	191.43	5.7 %	2.96
Q1 2014	215.93	3.4 %	71.32	6.3 %	48.01	3.3 %	0.74
Q2 2014	226.72	1.8 %	76.35	5.4 %	52.40	2.3 %	0.81
Q3 2014	224.71	13.2 %	71.72	19.0 %	56.72	33.8 %	0.88
Q4 2014	242.78	11.1 %	72.01	(1.9 %)	48.68	(15.4 %)	0.75
2014	910.14	7.2 %	291.40	6.7 %	205.81	7.5 %	3.18
Q1 2015	265.20	22.8 %	86.87	21.8 %	54.54	13.6 %	0.84
Q2 2015	259.36	14.4 %	75.02	(1.7 %)	46.27	(11.7 %)	0.72
Q3 2015	279.47	24.4 %	85.35	19.0 %	56.65	(0.1 %)	0.88
Q4 2015	272.97	12.4 %	73.55	2.1 %	45.22	(7.1 %)	0.70
2015	1,077.01	18.3 %	320.80	10.1 %	202.68	(1.5 %)	3.13
Q1 2016	283.55	6.9 %	85.25	(1.9 %)	53.35	(2.2 %)	0.82
Q2 2016	277.73	7.1 %	76.77	2.3 %	49.48	7.0 %	0.77
Q3 2016	315.17	12.8 %	95.22	11.6 %	59.29	4.7 %	0.92

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	323.87	-	96.19	-	47.47	-	0.73
2007	375.03	15.8 %	108.89	13.2 %	61.59	29.8 %	0.95
2008	466.46	24.4 %	143.95	32.2 %	91.26	48.2 %	1.41
2009	517.59	11.0 %	169.30	17.6 %	114.64	25.6 %	1.77
2010	579.93	12.0 %	192.90	13.9 %	124.27	8.4 %	1.92
2011	708.57	22.2 %	226.24	17.3 %	146.65	18.0 %	2.27
2012	842.02	18.8 %	266.36	17.7 %	181.16	23.5 %	2.80
2013	848.70	0.8 %	273.15	2.5 %	191.43	5.7 %	2.96
2014	910.14	7.2 %	291.40	6.7 %	205.81	7.5 %	3.18
2015	1,077.01	18.3 %	320.80	10.1 %	202.68	(1.5 %)	3.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	29.03 %	22.83 %	16.42 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	30.86 %	25.76 %	19.56 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	32.71 %	27.26 %	22.15 %
2009	32.71 %	27.26 %	22.15 %
Q1 2010	33.11 %	27.66 %	22.40 %
Q2 2010	33.04 %	27.45 %	22.03 %
Q3 2010	33.06 %	27.12 %	21.63 %
Q4 2010	33.26 %	27.12 %	21.43 %
2010	33.26 %	27.12 %	21.43 %
Q1 2011	33.02 %	27.11 %	21.34 %
Q2 2011	32.66 %	26.79 %	21.01 %
Q3 2011	32.00 %	26.51 %	20.77 %
Q4 2011	31.93 %	26.56 %	20.70 %
2011	31.93 %	26.56 %	20.70 %
Q1 2012	31.72 %	26.37 %	20.68 %
Q2 2012	31.69 %	26.60 %	21.16 %
Q3 2012	31.63 %	26.74 %	21.34 %
Q4 2012	31.63 %	26.91 %	21.52 %
2012	31.63 %	26.92 %	21.52 %
Q1 2013	31.90 %	27.49 %	21.95 %
Q2 2013	31.96 %	27.80 %	22.06 %
Q3 2013	32.01 %	27.66 %	22.18 %
Q4 2013	32.18 %	27.95 %	22.56 %
2013	32.18 %	28.08 %	21.82 %
Q1 2014	32.41 %	28.02 %	22.55 %
Q2 2014	32.72 %	28.34 %	22.58 %
Q3 2014	33.05 %	28.31 %	22.06 %
Q4 2014	32.02 %	27.42 %	21.05 %
2014	32.02 %	27.42 %	21.05 %
Q1 2015	31.99 %	27.21 %	20.65 %
Q2 2015	30.81 %	26.54 %	19.35 %
Q3 2015	30.50 %	26.96 %	19.58 %
Q4 2015	29.79 %	26.88 %	18.82 %
2015	29.79 %	26.88 %	18.82 %
Q1 2016	29.14 %	26.58 %	18.39 %
Q2 2016	28.82 %	26.53 %	18.38 %
Q3 2016	28.78 %	25.92 %	18.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	29.70 %	22.49 %	14.66 %
2007	29.03 %	22.83 %	16.42 %
2008	30.86 %	25.76 %	19.56 %
2009	32.71 %	27.26 %	22.15 %
2010	33.26 %	27.12 %	21.43 %
2011	31.93 %	26.56 %	20.70 %
2012	31.63 %	26.92 %	21.52 %
2013	32.18 %	28.08 %	21.82 %
2014	32.02 %	27.42 %	21.05 %
2015	29.79 %	26.88 %	18.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	30.88 %	24.81 %	19.39 %
Q2 2009	34.30 %	28.24 %	23.73 %
Q3 2009	32.69 %	28.37 %	22.47 %
Q4 2009	32.84 %	27.43 %	22.81 %
Q1 2010	32.61 %	26.60 %	20.67 %
Q2 2010	33.95 %	27.43 %	22.22 %
Q3 2010	32.78 %	27.02 %	20.87 %
Q4 2010	33.65 %	27.39 %	21.89 %
Q1 2011	31.78 %	26.62 %	20.43 %
Q2 2011	32.52 %	26.26 %	20.89 %
Q3 2011	30.18 %	25.92 %	19.98 %
Q4 2011	33.07 %	27.39 %	21.39 %
Q1 2012	31.01 %	25.92 %	20.41 %
Q2 2012	32.29 %	27.07 %	22.58 %
Q3 2012	30.18 %	26.58 %	20.87 %
Q4 2012	32.87 %	27.96 %	22.04 %
Q1 2013	32.12 %	28.32 %	22.26 %
Q2 2013	32.52 %	28.27 %	22.99 %
Q3 2013	30.35 %	25.95 %	21.35 %
Q4 2013	33.57 %	29.08 %	23.49 %
Q1 2014	33.03 %	28.61 %	22.23 %
Q2 2014	33.68 %	29.48 %	23.11 %
Q3 2014	31.92 %	26.08 %	19.45 %
Q4 2014	29.66 %	25.67 %	19.55 %
Q1 2015	32.76 %	27.63 %	20.57 %
Q2 2015	28.92 %	26.63 %	17.84 %
Q3 2015	30.54 %	27.75 %	20.27 %
Q4 2015	26.95 %	25.50 %	16.57 %
Q1 2016	30.07 %	26.42 %	18.82 %
Q2 2016	27.64 %	26.43 %	17.82 %
Q3 2016	30.21 %	25.37 %	18.81 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	64.68	-	-	4.42
Q2 2009	64.68	-	-	4.59
Q3 2009	64.68	-	-	5.06
Q4 2009	64.68	1.77	1.77	4.90
Q1 2010	64.68	1.84	1.84	5.33
Q2 2010	64.68	1.86	1.86	5.52
Q3 2010	64.68	1.87	1.87	5.37
Q4 2010	64.68	1.92	1.92	5.88
Q1 2011	64.68	1.99	1.99	6.38
Q2 2011	64.68	2.09	2.09	6.34
Q3 2011	64.68	2.16	2.16	6.17
Q4 2011	64.68	2.27	2.27	6.80
Q1 2012	64.68	2.39	2.39	7.42
Q2 2012	64.68	2.55	2.55	7.46
Q3 2012	64.68	2.67	2.67	7.31
Q4 2012	64.68	2.80	2.80	8.06
Q1 2013	64.68	2.89	2.89	8.78
Q2 2013	64.68	2.92	2.92	8.73
Q3 2013	64.68	2.92	2.92	8.50
Q4 2013	64.68	3.06	2.96	9.29
Q1 2014	64.68	3.08	2.98	10.03
Q2 2014	64.68	3.10	3.00	9.92
Q3 2014	64.68	3.32	3.02	9.73
Q4 2014	64.68	3.18	2.96	10.48
Q1 2015	64.68	3.28	3.06	11.32
Q2 2015	64.68	3.19	2.97	10.87
Q3 2015	64.68	3.19	3.17	10.67
Q4 2015	64.68	3.13	3.13	11.37
Q1 2016	64.68	3.12	3.12	12.04
Q2 2016	64.68	3.16	3.16	11.71
Q3 2016	64.68	3.21	3.21	11.55

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	64.68	0.73	0.73	3.08
2007	64.68	0.95	0.95	3.57
2008	64.68	1.41	1.41	4.05
2009	64.68	1.77	1.77	4.90
2010	64.68	1.92	1.92	5.88
2011	64.68	2.27	2.27	6.80
2012	64.68	2.80	2.80	8.06
2013	64.68	2.96	2.86	9.29
2014	64.68	3.18	2.96	10.48
2015	64.68	3.13	3.13	11.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	13.89	13.89	4.79
Q2 2010	16.32	16.32	5.50
Q3 2010	17.54	17.54	6.10
Q4 2010	17.15	17.15	5.61
Q1 2011	16.78	16.78	5.23
Q2 2011	17.34	17.34	5.73
Q3 2011	16.13	16.13	5.63
Q4 2011	17.48	17.48	5.83
Q1 2012	17.64	17.64	5.68
Q2 2012	16.12	16.12	5.50
Q3 2012	17.55	17.55	6.41
Q4 2012	17.38	17.38	6.04
Q1 2013	18.40	18.40	6.06
Q2 2013	20.78	20.78	6.95
Q3 2013	20.95	20.95	7.20
Q4 2013	18.53	19.13	6.09
Q1 2014	22.85	23.59	7.02
Q2 2014	23.25	24.00	7.26
Q3 2014	22.07	24.25	7.53
Q4 2014	21.83	23.45	6.63
Q1 2015	24.15	25.88	7.00
Q2 2015	26.22	28.16	7.69
Q3 2015	21.07	21.20	6.29
Q4 2015	22.93	22.93	6.32
Q1 2016	14.85	14.85	3.84
Q2 2016	17.52	17.52	4.74
Q3 2016	14.23	14.23	3.95

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	17.15	17.15	5.61
2011	17.48	17.48	5.83
2012	17.38	17.38	6.04
2013	19.13	19.77	6.09
2014	21.83	23.45	6.63
2015	22.93	22.93	6.32

Business Segments (Million)

Compared With The

Period	Restaurants	Meat Factory	Bakeries and others	Shaboura factory
Q1 2009	94.27	2.74	21.45	4.04
Q2 2009	102.85	3.28	22.06	3.92
Q3 2009	107.65	3.02	19.09	3.39
Q4 2009	99.25	3.71	22.54	4.33
Q1 2010	104.81	4.03	22.98	4.37
Q2 2010	115.81	4.45	23.12	3.38
Q3 2010	120.95	4.30	18.30	2.27
Q4 2010	119.57	5.56	23.02	3.02
Q1 2011	124.61	6.28	23.98	4.43
Q2 2011	152.46	5.94	26.29	3.73
Q3 2011	144.55	5.36	20.74	1.88
Q4 2011	151.15	6.80	27.33	3.06
Q1 2012	161.28	7.26	27.15	3.26
Q2 2012	177.78	6.61	29.96	3.97
Q3 2012	170.50	5.86	33.91	-
Q4 2012	187.78	7.21	26.73	-
Q1 2013	176.07	6.47	26.22	-
Q2 2013	189.39	6.62	26.81	-
Q3 2013	173.20	6.79	18.54	-
Q4 2013	185.46	8.70	24.42	-
Q1 2014	182.75	7.74	25.44	-
Q2 2014	191.16	7.68	27.88	-
Q3 2014	196.58	6.76	21.37	-
Q4 2014	204.62	7.63	30.54	-
Q1 2015	226.66	6.83	31.71	-
Q2 2015	221.24	7.83	30.29	-
Q3 2015	246.39	6.06	27.01	-
Q4 2015	227.95	7.80	37.23	-
Q1 2016	241.18	6.67	35.70	-
Q2 2016	239.31	6.29	32.13	-
Q3 2016	279.93	6.12	29.12	-

Period	Restaurants	Meat Factory	Bakeries and others	Shaboura factory
2006	247.84	-	63.21	12.82
2007	287.97	4.66	68.49	13.91
2008	363.67	9.86	78.88	14.05
2009	404.03	12.74	85.14	15.68
2010	461.15	18.33	87.43	13.03
2011	572.77	24.37	98.33	13.10
2012	697.34	26.93	117.74	-
2013	724.12	28.58	95.99	-
2014	775.11	29.81	105.22	-
2015	922.24	28.52	126.24	-

Analysts Estimates (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change‬
Average	55.13	59.29	7.56 %

Estimates vs Actual (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change
Sico	61.00	59.29	(2.8) %
Albilad Capital	55.00	59.29	7.8 %
OSOOL AND BAKHEET	53.50	59.29	10.8 %
Al Rajhi Capital	51.00	59.29	16.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,959.80
Enterprise Value (EV) (M)	1,955.19
Shares Outstanding ((M))	64.68
EPS ( Riyal) (TTM)	0.33
Book Value (BV) ( Riyal)	15.99
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 50
P/E (TTM)	More than 50
Price/book	1.90
Return on Average Assets (%) (TTM)	1.1
Return on Average Equity (%) (TTM)	2.1

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Herfy’s net profit edges up in 9M 2016

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Share Price

Herfy Food Services Co. (HERFY FOODS)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Herfy’s net profit edges up in 9M 2016

View other reports

Share Price

Herfy Food Services Co. (HERFY FOODS)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2016

Revenue by Business Segment (Latest) 2016 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)