Halal Industry

Saudi fast food chain Herfy continues quarterly drop in profit


Herfy Food Services Co’s net profit fell slightly for the third-quarter on higher expenses.

The Saudi fast-food restaurant chain posted net profit of 57.54 million riyals ($15.34 million) for the three months ending September 30, a fall of 0.973% from the same period last year.

It attributed the drop to an increase in sales and marketing as well as general and administration expenses, it said in a bourse filing on Sunday (October 27).

Herfy also posted a drop in profit for the second-quarter, citing higher expenses.

Its profit for the first nine months of 2019 also dropped compared to the same period last year.

The company posted 151.74 million riyals for the nine months through end-September, equivalent to a 3.49% decrease versus the same period in 2018.

Herfy is 49% owned by food and investment holding group Savola.

 ($1 = 3.75 Saudi riyals)

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Earnings