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Herfy Food Services posts SAR 200m net profit in 2017

Herfy Food Services posts SAR 200m net profit in 2017
Net profit decline can be attributed to the increase in sales' cost
HERFY FOODS
6002
11.74% 33.80 3.55

Riyadh – Mubasher: Herfy Food Services on Sunday reported an 8.02% decline in net profit during 2017, registering around SAR 200 million, compared to SAR 217.5 million in the year-ago period. 

The decline in net profit can be mainly attributed to the increase in costs of sales and marketing, in addition to the growth of administrative expenses, Herfy said in a statement to the Saudi Stock Exchange (Tadawul).

The Saudi-based firm’s estimated sales inched up 0.09% to SAR 1.158 billion in 2017 versus SAR 1.157 billion a year earlier, the company’s data showed.