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24 April 07:19 PM

Herfy Food Services Co. announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )

HERFY FOODS 6002 1.17% 30.25 0.35
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 309,314,358 286,613,168 7.92 313,403,196 -1.304
Total Profit (Loss) 88,094,991 78,726,457 11.9 93,541,373 -5.822
Profit (Loss) Operational 51,057,090 50,113,915 1.882 59,218,084 -13.781
Net Profit (Loss) after Zakat and Tax 40,856,632 45,885,622 -10.959 48,063,547 -14.994
Total Comprehensive Income 40,856,632 45,885,622 -10.959 48,063,547 -14.994
All figures are in (Actual) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 622,703,942 572,910,231 8.691
Total Profit (Loss) 181,622,751 157,705,374 15.165
Profit (Loss) Operational 110,261,561 102,086,108 8.008
Net Profit (Loss) after Zakat and Tax 88,906,566 93,630,943 -5.045
Total Comprehensive Income 88,906,566 93,630,943 -5.045
Total Share Holders Equity (after deducting minority equity) 955,821,093 887,448,149 7.704
Profit (Loss) per Share 1.37 1.45
All figures are in (Actual) Saudi Arabia, Riyals
Element List Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The decrease of net profit for the second quarter of 2019 compared to the same quarter last year 2018 is due to the increase of the selling and marketing expenses , and increase of the General and Administration Expenses , and the increase of finance cost -due to implementation IFRS (16) Rent Contracts- despite the increase in sales by % 7.9 and the increase in net other Income due to the Non-recurring gains resulted From sale of land owned by the company which achieved a capital gain of 2.228 M SAR.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The decrease of the net profit of the second quarter of 2019 compared to the previous quarter due to the decrease in sales by % 1.3 and increase of the General and Administration Expenses and the decrease in net other Income during the second quarter of 2019 compared to the previous quarter . despite resulted from sale of land owned by the company which achieved a capital gain of 2.228 M SAR.

also despite the decrease of the selling and marketing expenses and the decrease of finance cost .The comparison for the quarter against the same quarter of the last year is more relevant since it is more aligned to similar market conditions and seasonality

Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year The decrease of the net profit for the first six months of 2019 compared to the same period last year 2018 is due to the increase of the selling and marketing expenses , and increase of the General and Administration Expenses , and the increase of finance cost -due to implementation IFRS (16) Rent Contracts- despite the increase in sales by % 8.6 and the increase in net other Income due to the Non-recurring gains resulted from sale of land owned by the company which achieved a capital gain of 2.228 M SAR which has been recorded during the second quarter 2019.
Type of the external auditor's opinion Unmodified opinion
Additional Information Starting the 1st of January 2019 the company has adopted IFRS (16) Rent Contracts. For more information regarding the impact of adoption of IFRS 16 Rent Contracts refer to note 4 (Summary of Significant Accounting Policies) attached to the financial statements for the quarter ended June 30, 2019

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