Riyadh – Mubasher: Herfy Food Services on Tuesday reported a 5.7% year-on-year growth in its net profits for the second quarter of 2018.

The Saudi food services firm’s net profit amounted to SAR 45.89 million during Q2-18, compared to SAR 43.4 million in Q2-17, according to a bourse filing.

Quarter-on-quarter, profits decreased 3.9% in the period between April and June, from SAR 47.75 million.

Herfy Food Services attributed the second-quarter profit increase to a 5.7% rise in sales, coupled with lower selling and marketing expenses.

Total sales went up 5.3% to SAR 286.6 million in Q2-18, from SAR 272.1 million during the corresponding period a year earlier.

The company further noted that it inaugurated nine restaurants in Q2-18, whose financial impact will start to appear in the next quarters. The whole number of restaurants that are scheduled to be opened during H1-18 reached 18.

The Tadawul-listed firm’s profits tumbled 2.6% to SAR 93.63 million during H1-18, from SAR 96.12 million in H1-17.

Herfy Food Services ascribed first-half profits to a 2.58% increase in sales cost. 

Total sales rose 4.7% to SAR 572.9 million in H1-18, compared to SAR 547.1 million in the same period a year ago.

The stock inched up 0.11% to end Tuesday at SAR 45.