Herfy net profit more than triples to SAR 112.2 mln in 9M 2021

26/10/2021 Argaam Exclusive

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Herfy Food Services Co.
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Herfy Food Services Co. (HERFY FOODS)

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Herfy Food Services Co. (Herfy Food) posted a net profit after Zakat and tax of SAR 112.2 million for the first nine months of 2021, a rise of over three fold from SAR 32.2 million in the prior-year period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 778.14 984.70 26.5 %
Gross Income 187.80 279.33 48.7 %
Operating Income 56.31 127.14 125.8 %
Net Income 32.27 112.20 247.7 %
Average Shares 64.68 64.68 -
EPS (Riyals) 0.50 1.73 247.7 %

The positive performance was driven by a 26.5% rise year-on-year (YoY) in sales, lower cost of finance, as well as general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 311.12 352.22 13.2 %
Gross Income 92.45 116.30 25.8 %
Operating Income 41.77 64.41 54.2 %
Net Income 41.38 60.06 45.1 %
Average Shares 64.68 64.68 -
EPS (Riyals) 0.64 0.93 45.1 %

In Q3 2021, net profit after Zakat and tax jumped 45% to SAR 60.1 million from SAR 41.38 million a year earlier, backed by 13.2% growth YoY in sales, and lower cost of finance. 

 

When compared to the previous quarter, net profit more than doubled from SAR 26.7 million.

 

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