Saudi food service company Herfy profit falls as expenses climb
Saudi food service company Herfy posted a 3.96% drop in net profit for 2019 to 196.09 million riyals ($52.29 million) from 204.17 million riyals in 2018.
The company reported in a bourse filing on Wednesday (Feb 19) a 4.97% rise in sales to 1.29 billion riyals but this could not offset the increase in expenses for selling and marketing, and general administration.
Herfy operates its fast food restaurants, as well as bakeries. It also has a meat processing business line.
It is 49% owned by food and investment holding group Savola.
($1 = 3.75 Saudi riyals)
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