Herfy Food Services Company, Herfy Food Company, recorded a 45.15% increase in profits, after zakat and tax, to 60.06 million riyals in the third quarter of 2021, compared to 41.38 million riyals, net. Earnings for the same quarter of 2020.
According to Arabiya Net, Herfy Food's net profit increased by 125.18% in the third quarter of this year, compared to its profit of 26.67 million riyals in the second quarter of 2021.
The company said in a statement on Saudi Arabia's Tadawul, today, Tuesday, that its profits in the third quarter of 2021 amounting to 60 million riyals are the highest quarterly profits in the company's history and since Inclusion in 2010, and the restaurant sector achieved in July 2021 sales of 125.7 million riyals, which is the highest monthly sales of the restaurant sector in the company's history.
The reason for the increase in net profit for the third quarter of 2021 compared to the net profit for the third quarter of 2020, is mainly due to the increase in sales by 13.2%, the company said. In addition to a decrease in general and administrative expenses, a decrease in financing expenses, despite a decrease in other revenues, and an increase in selling and marketing expenses.
During the first nine months of this year, Herfy Food's net profit increased by 247.67% to reach 112.2 million riyals after zakat and tax, compared to 32.27 million riyals in profits in the period. Similar from 2020.
