Riyadh – Mubasher: Herfy Food Services Company on Sunday reported a net profit, after zakat and tax, worth SAR 196.08 million during the fiscal year ended 31 December 2019, down by 3.96% year-on-year (YoY) from SAR 204.16 million, the company’s estimated annual financials showed.      

Loss per share amounted to SAR 3.03 in 2019, down from SAR 3.16 a year earlier, according to a bourse statement.

Moreover, sales reached SAR 1.288 billion last year, up by 4.97% on an annual basis from SAR 1.227 billion.

The food firm attributed the lower annual profits to an increase in financing costs as well as higher selling, marketing, general, and administrative expenses.    

However, net other income, including non-recurring capital gains, posted a rise of SAR 2.228 million from selling a land plot. This income will be registered in the second quarter (Q2) of 2019.      

It is worthy to note that over the first nine months of 2019, net profits of Herfy Food declined by 3.48% annually to SAR 146.45 million from SAR 151.74 million.