Herfy Food Services Co. reported a net profit of SAR 3.6 million in 2022, a 98% plunge from SAR 151.8 million in the year-earlier period.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,319.09 | 1,243.84 | (5.7 %) |
| Gross Income | 417.83 | 307.00 | (26.5 %) |
| Operating Income | 182.62 | 27.51 | (84.9 %) |
| Net Income | 151.79 | 3.55 | (97.7 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 2.35 | 0.05 | (97.7 %) |
The profit decrease was triggered by lower sales and an increase in cost of sales, along with higher selling, marketing, general and administrative expenses.
The company also cited higher provisions for asset impairment and the financial impact of revaluating useful lives of leased assets according to IFRS 16.
Herfy reported a net loss of SAR 66 million in Q4 2022, versus a net profit of SAR 39.59 million in a prior-year period.
On a sequential basis, Herfy turned to loss in Q4 2022, from SAR 20.95 million in earnings in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 334.39 | 299.19 | (10.5 %) |
| Gross Income | 138.50 | 56.01 | (59.6 %) |
| Operating Income | 55.48 | (55.10) | (199.3 %) |
| Net Income | 39.59 | (59.28) | (249.7 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.61 | (0.92) | (249.7 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 315.57 | 299.19 | (5.2 %) |
| Gross Income | 79.06 | 56.01 | (29.2 %) |
| Operating Income | 25.34 | (55.10) | (317.4 %) |
| Net Income | 19.86 | (59.28) | (398.6 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.31 | (0.92) | (398.6 %) |
Total shareholders’ equity, no minority interest, stood at SAR 1.05 billion as of Dec. 31, 2022, compared to SAR 1.04 billion in the year-earlier period.
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