Herfy Food Services Co. reported net loss after Zakat and tax of SAR 9.1 million for the first half of 2020, versus net profit of SAR 88.9 million in prior-year period, driven by a 25% drop in sales due to the COVID-19 lockdown.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 622.70 | 467.03 | (25.0 %) |
| Gross Income | 181.62 | 95.35 | (47.5 %) |
| Operating Income | 97.55 | 14.54 | (85.1 %) |
| Net Income | 88.91 | (9.11) | (110.2 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 1.37 | (0.14) | (110.2 %) |
Herfy reported net loss after Zakat and tax of SAR 34.2 million for the second quarter, versus net profit of SAR 40.85 million in year-earlier period, due to lower sales on the lockdown measures in the Kingdom.
Herfy also cited the allocation of provisions at SAR 5 million for slow-moving inventory and SAR 5.9 million for doubtful debt.
When compared to the previous quarter, the company swung to losses versus net profit of SAR 25.13 million in Q1 2020.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 309.31 | 170.10 | (45.0 %) |
| Gross Income | 88.10 | 15.70 | (82.2 %) |
| Operating Income | 46.17 | (20.65) | (144.7 %) |
| Net Income | 40.86 | (34.24) | (183.8 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.63 | (0.53) | (183.8 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 296.93 | 170.10 | (42.7 %) |
| Gross Income | 79.13 | 15.70 | (80.2 %) |
| Operating Income | 34.67 | (20.65) | (159.6 %) |
| Net Income | 25.13 | (34.24) | (236.2 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.39 | (0.53) | (236.2 %) |
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