Riyadh – Mubasher: Herfy Food Services Co saw a fall of 1.2% in net profits during the first quarter of 2016.
Profits amounted to SAR 52.7 million in Q1-17 from SAR 53.35 million in Q1-16, according to a bourse filing on Thursday.
The company attributed the decrease in net profits to lower selling value by 3%, in addition to higher selling, marketing, and finance costs.
Herfy achieved an increase in gross and operations profit, which came due to a decline in sales, general, and administrative costs, the statement said.
Total sales decreased 3% to SAR 275 million compared to SAR 283.6 million in the same period of the previous year.
