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Herfy Food Services Co. announces the annual financial results for the period ending on 31-12-2017

Element Current year Previous year % Change
Net profit (loss) 200,042,140 217,079,867 -7.85
Earning or loss per share, Riyals 3.09 3.36 -
Gross profit (loss) 341,745,284 347,603,225 -1.69
Operational profit (loss) 215,317,987 229,244,218 -6.07
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The decrease in net profit of 2017 comparative to 2016 is mainly due to increase in selling and marketing expenses, general and administrative expenses, and finance costs.
Reclassifications in annual financial results Herfy has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the Company financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative year in accordance with the accounting policies adopted in accordance with IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants
Other notes The turnover for the year ended 31st December 2017 amounted to 1157.8 M SAR increase of 0.09% compared to the last year SR 1,156.7 m. Total comprehensive income for the year ended 31st December 2017 amounted to199.89 M SAR a decrease of-8.13% compared to the last year 217.5 M SAR The total shareholder's equity (no minority interest) as of 31st December 2017 amounted to 866.81 M SAR an increase of 7.9 % as compared to 802.7 M SAR as of 31st December 2016. - The financial of 2017 are the first annual financial prepared in accordance with IFRS as endorsed in the Kingdom. Earnings per share has been calculated on the basis of total number of shares after the increase of share capital from 46.2 million shares to 64.68 million shares, which were issued after the EOGM approval on 22/5/2017. The comparative period earnings per share have been adjusted to reflect the said share issue. It bears mention that 25 restaurants were opened during the 2017.

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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