Saudi foodservice company Herfy quarterly profit rebounds on 88% revenue increase

Saudi Arabia’s Herfy posted 26.67 million riyals ($7.11 million) in net profit for the second-quarter as revenue jumped by 88%, compared to a loss of 34.24 million riyals for the same three months in 2020.

Herfy’s revenue reached 319.98 million riyals for the three months through June compared to 170.1 million riyals for the same quarter last year, the company reported in a bourse filing on Tuesday (July 13).

Herfy is best known for its fast food restaurants and bakeries. It also operates its own meat processing business line.

The company’s restaurants were affected by COVID lockdowns and restrictions last year when it reported a 73% drop in profit to 53.56 million riyals.

Herfy has rebounded this year, with its second-quarter net profit of 26.67 million riyals coming in higher than the 25.5 million riyals it earned for January through March.

The fast food business operates in its home market as well as in Kuwait, and the company opened its first branch outside the Middle East in 2017 in Bangladesh.

Herfy is 49% owned by Saudi food group Savola.

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