Herfy Food Services Company (Herfy Food) turned profitable in the second quarter of 2021, to record profits of 26.7 million riyals, compared to losses of 34.2 million riyals in the same period. from last year.
According to Arabia Net, the company's profits increased in the second quarter by 4.7%, compared to the first quarter in which Herfy Foods achieved a profit of 25.4 million riyals.
In the first half of the year, the net profit after deduction of tax and zakat amounted to 52 million riyals, compared to incurring losses of more than 9 million riyals in the same period of the year 2020.
The company attributed, in a statement, the reason for achieving a net profit for the second quarter of 2021 compared to a net loss for the same period in 2020, mainly to an increase in sales by 88%, in addition to Increase in other revenues, and decrease in financing and general and administrative expenses, despite the increase in selling and marketing expenses.
While the reason for the increase in net profit for the second quarter of 2021, compared to the previous quarter of 2021, is an increase in sales by 2.8%, an increase in other revenues, a decrease in financing expenses and a decrease in expenses Administrative and public.
The reason for achieving a net profit for the period ending on June 30, 2021, compared to a net loss for the same period of the previous year, is mainly due to the 35% increase in sales.
