Riyadh-Mubasher: Herfy Food Services reported net earnings of SAR 45.2 million for the fourth quarter of 2015, down 7% from SAR 48.6 million in the prior-year period.
The decrease in Q4-15 net profits was mainly due to high cost of sales, the company said in a bourse statement on Tuesday.
Full-year net income also declined 1.5% year-on-year from SAR 205.8 million to SAR 202.6 million.
Herfy attributed FY15 profit decline to the fact that FY14 other revenues included one-off capital gains of SAR 13 million as a result of selling a land plot.
