Riyadh – Mubasher: Herfy Food on Wednesday stated that its net profits dropped 5.5% in the third quarter of 2017, compared to the year-ago period.

Net profits amounted to SAR 56.04 million in Q3-17, compared to SAR 59.29 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits went up 29.1%.

Saudi Arabia-based food firm attributed the decrease in its year-on-year net profits to lower sales by 1%, and an increase in financing expenses.

The company’s net profits tumbled 6.2% to SAR 152.15 million from January until September 2017, from SAR 162.13 million in the same period in 2016.

By 11:36 am KSA time, the stock edged up 0.42% to SAR 47.70.