Riyadh – Mubasher: Saudi Arabia-based Herfy Food Services Co on Thursday reported a 2.1% year-on-year profit increase during the full-year 2018.

Net profits after calculating Zakat and Tax amounted to SAR 204.17 million ($54.43 million) last year, compared to SAR 200.04 million ($53.33 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The food company attributed the slight rise in 2018 profit to a growth in sales other and income, coupled with lower marketing and selling expenses.

Sales increased 6% to SAR 1.3 billion last year, from SAR 1.16 billion in 2017.

Operating profits went up 2.5%, reaching SAR 220.6 million from January to December 2018, compared to SAR 215.4 million in 2017.

Earnings per share (EPS) amounted to SAR 3.16 in the previous year, up from SAR 3.09 in 2017.

“Some comparative figures have been reclassified to be consistent with the presentation of the current period,” the statement added.

The firm’s profits grew 9.47% to SAR 52.43 million from the October-December period of 2018, from SAR 47.89 million in the prior-year period.

It is worth noting that Herfy Food Services inaugurated four restaurants in Q4-18, bringing the total number of opened facilities to 25 in the prior year.

In February, the food provider opened a new franchised branch in Bangladesh.

Herfy Food Services’ stock levelled up 1.23% to close Thursday's trading activities at SAR 49.20.