Riyadh – Mubasher: Herfy Food Services Company’s net profits for the three-month period ended 30 September 2020 fell by 28.1% annually to SAR 41.38 million, compared with SAR 57.5 million in the prior-year period.

This slump resulted from lower sales and higher general and administration expenses, despite the drop in selling and marketing expenses, and financing costs, and the increase in net other income, according to a bourse statement on Monday.

During the quarter, the firm increased the slow-moving inventory provision by SAR 8.4 million and the provision for doubtful debts by SAR 6.5 million.

Revenues for the third quarter (Q3) of the year reached SAR 311.117 million, down by 8.2% yearly.

In the first nine months of the year, the profits plunged by 77.96% on an annual basis to SAR 32.272 million.