Riyadh – Mubasher: Herfy Food Services Company turned to profitability during the first quarter (Q1) of 2024, recording a net profit of SAR 448,244, versus a net loss of SAR 12.81 million in the same quarter a year earlier.

Revenues grew 5.05% year-on-year (YoY) to SAR 289.04 million in Q1-24 from SAR 275.12 million in the corresponding period of 2023, according to the interim financial results.

The company recorded earnings per share (EPS) of SAR 0.01 in the three-month period that ended on 31 March 2024, against a loss per share of SAR 0.20 in Q1-23.

Quarter-on-quarter (QoQ), Herfy’s net profit dropped 92.03% in Q1-24 from SAR 5.62 million in the previous quarter, while revenues declined by 2.78% QoQ from SAR 297.30 million.

It is worth noting that Herfy Food posted a 136.49% YoY surge in net profit to SAR 8.38 million in 2023 from SAR 3.54 million.