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HERFY FOOD SERVICE COMPANY ANNOUNCES THE ESTIMATED ANNUAL FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31-12-2020

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 1,074,633,3491,288,310,097-16.585
Gross Profit (Loss) 242,628,068392,636,988-38.205
Operational Profit (Loss) 91,429,927238,454,423-61.657
Net Profit (Loss) after Zakat and Tax 53,563,248196,087,640-72.684
Total Comprehensive Income 53,563,248195,751,757-72.637
Total Share Holders Equity (after Deducting Minority Equity) 977,801,532997,986,284-2.022
Profit (Loss) per Share 0.833.03
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The decrease in net profit of 2020 comparative to 2019 is attributed to the decrease of Sales by 16.6 % due to the precautionary Decisions in the 2nd quarter taken by the regulators against to COVID-19 pandemic . Which included the closure of Herfy restaurants in commercial centers, and the limitation of service in some restaurants to be through home delivery service only and the decrease of stores working hours due to curfew and the increase of General and Administration Expenses also the net of other Income in the same period 2019 included. SAR 5.7 M refund of Iqama Charges from Government and SAR 2.2 M capital Gain on Sale some assets . despite the decrease of the selling and marketing expenses and the finance cost and the increase in net other Income . It should be noted the company in this period made provision for doubtful debits SAR 12.4 M and provision for inventory slow moving SAR 21.5 M .
Statement of the type of external auditor's report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion These estimated annual consolidated financial results for the year ended December 31, 2020 are prepared by the management of the Company and these results are subject to audit by the external auditors.
Reclassification of Comparison Items Some comparative figures have been reclassified to be consistent with the presentation of the current period
Additional Information It should be noted that the company achieved Net profits during the first quarter, third quarter, and fourth quarter of 2020 TOTAL 87.8 million riyals, while the second quarter of the year achieved a loss of 34.3 million riyals due to the precautionary Decisions in the 2nd quarter taken by the regulators against to COVID-19 pandemic . Which included the closure of Herfy restaurants in commercial centers, and the limitation of service in some restaurants to be through home delivery service only and the decrease of stores working hours due to curfew .

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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