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Herfy Food Services profit misses consensus by 53.1% in Q2

Herfy Food Services Co. said its second-quarter normalized net income came to 46 halalas per share, compared with the S&P Capital IQ consensus estimate of 97 halalas per share.

EPS decreased 11.7% year over year from 52 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.4 million riyals, a decrease of 11.7% from 33.4 million riyals in the year-earlier period.

The normalized profit margin fell to 11.4% from 14.7% in the year-earlier period.

Total revenue climbed 14.4% on an annual basis to 259.4 million riyals from 226.7 million riyals, and total operating expenses increased 21.1% from the prior-year period to 210.0 million riyals from 173.4 million riyals.

Reported net income decreased 11.8% on an annual basis to 46.3 million riyals, or 72 halalas per share, from 52.4 million riyals, or 81 halalas per share.

As of July 15, US$1 was equivalent to 3.75 Saudi Arabian riyals.