Back to 'normal' growth? Saudi foodservice company Herfy posts higher year-on-year first-quarter profit
Saudi foodservice company Herfy posted a 1.46% year-on-year growth in net profit for its first-quarter, signalling a return to "normal" pre-pandemic growth.
The company reported in a bourse filing on Wednesday (April 7) 25.5 million riyals ($6.8 million) in net profit for January through March compared to 25.13 million riyals for the same quarter in 2020.
The first three months of 2020 were just before Saudi authorities imposed COVID-19 restrictions. Herfy and the foodservice sector were, from the second quarter, hit by closure of dine-in eateries in commercial centres and the limitation of service in others. The company went on to report a 73% year-on-year drop in its full-year 2020 profit.
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