Riyadh – Mubasher: Saudi Arabia-based Herfy Food Services on Tuesday reported a 9.4% year-on-year decrease for the first quarter of 2018.
The company’s net profits stood at SAR 47.75 million in Q1-18, down from SAR 52.72 million in the same quarter a year earlier, according to a bourse statement.
The Saudi food services firm attributed the negative turn in first-quarter financials to a growth in sales’ cost by SAR 19 million, as well as an increase in financing costs by SAR 900,000.
Herfy Food Services’ sales levelled up 4% to SAR 286.2 million in the three-month period ended 31 March 2018, compared to SAR 275 million in the corresponding period in a year earlier.
Quarter-on-quarter, Herfy Food Services’ profits inched down 0.3% to SAR 47.75 million during Q1-18 versus SAR 47.89 million in Q4-17.
By 10:11 am Saudi time, the stock fell 1.96% to SAR 48.50.
