Riyadh – Mubasher: Herfy Food Services reported SAR 53.6 million ($14.29 million) net profit for the first quarter of 2016, down 2% year-on-year from SAR 54.54 million ($14.5 million).
The profit decline was ascribed by the company to a rise in cost of sales at a rate higher than that of the sales growth due to a rise in cost of labor and electricity.
Moreover, Herfy’s earnings were weighed by a rise in financing expenses.
