Riyadh – Mubasher: Herfy Food Services Company posted its initial financial results for the second quarter of 2019.

Net profits after zakat and tax went down 10.9% to SAR 40.8 million in Q2-19, compared to SAR 45.8 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.

The drop in profits was attributed 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.

Total revenues increased by 7.9% year-on-year to SAR 309.3 million during the three-month period between April and June.

For the first six months of 2019, net profits of the Saudi food firm plunged by 5.04% to SAR 88.9 million, from SAR 93.6 million in H1-18.

Meanwhile, revenues advanced by 8.6% to SAR 622.7 million in H1-19, versus SAR 572.9 million in the same period of the prior year.

Profit per share stood at SAR 1.37 during the six-month period between January and June, from SAR 1.45 in the corresponding period a year ago.