Herfy Food Services Co. reported a net profit after Zakat and tax of SAR 69.5 million for the first nine months of 2022, a decline of 38% compared to SAR 112.2 million in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 984.70 | 944.65 | (4.1 %) |
| Gross Income | 279.33 | 251.00 | (10.1 %) |
| Operating Income | 127.14 | 82.61 | (35.0 %) |
| Net Income | 112.20 | 62.83 | (44.0 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 1.73 | 0.97 | (44.0 %) |
This was attributed to a 5.6% decrease in sales year-on-year (YoY), higher cost of goods sold (COGS), increased cost of materials and squeezed profit margins.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 352.22 | 315.57 | (10.4 %) |
| Gross Income | 116.30 | 79.06 | (32.0 %) |
| Operating Income | 64.41 | 25.34 | (60.7 %) |
| Net Income | 60.06 | 19.86 | (66.9 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.93 | 0.31 | (66.9 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 298.08 | 315.57 | 5.9 % |
| Gross Income | 80.01 | 79.06 | (1.2 %) |
| Operating Income | 27.71 | 25.34 | (8.6 %) |
| Net Income | 21.28 | 19.86 | (6.7 %) |
| Average Shares | 64.68 | 64.68 | - |
| EPS (Riyals) | 0.33 | 0.31 | (6.7 %) |
Q3 2022 net profit after Zakat and tax dropped 65% to SAR 21 million, from SAR 60.1 million in the year earlier period, driven by a 12% slump in sales YoY and an increase in COGS, which weighed on profit margins. Herfy also cited higher general and administrative expenses.
On a sequential basis, Q3 net profit grew 3.7% from SAR 20.2 million in Q2 2022.
Shareholders’ equity, after minority interest, reached SAR 1.117 billion by the end of the nine-month period, compared to SAR 1.006 billion in the year-earlier period.
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