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Herfy Food Services Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 170,098,524309,314,358-45.007296,927,858-42.713
Gross Profit (Loss) 10,679,79988,094,991-87.87676,646,687-86.066
Operational Profit (Loss) -24,055,23151,057,090-34,827,078-
Net Profit (Loss) after Zakat and Tax -34,235,93040,856,632-25,130,815-
Total Comprehensive Income -34,235,93040,856,632-25,130,815-
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 467,026,382622,703,942-25
Gross Profit (Loss) 87,326,486181,622,751-51.918
Operational Profit (Loss) 10,771,847110,261,561-90.23
Net Profit (Loss) after Zakat and Tax -9,105,11588,906,566-
Total Comprehensive Income -9,105,11588,906,566-
Total Share Holders Equity (after Deducting Minority Equity) 915,133,171955,821,093-4.256
Profit (Loss) per Share -0.141.37
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason for net losses for the 2nd Quarter 2020 compared to the net profit achieved for same quarter 2019 mainly attributed to the decrease of Sales by 45 % due to the precautionary measured taken by the regulators to contain 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 adjustment of stores working hours due to curfew , also the decrease in net other Income Where the same Quarter 2019 included SAR 2.2 M Capital Gain on Sale some assets despite the decrease of the selling and marketing expenses and the finance cost also the decrease of General and Administration Expenses . It should be noted the company in the 2nd Quarter 2020 made provision for inventory slow moving SAR 5 M and provision for doubtful debits SAR 5.9 M .
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for net losses for the 2nd Quarter 2020 compared to the net loss for 1st Quarter 2020 year is attributed to the decrease of Sales by 43 % due to the precautionary measured taken by the regulators to contain 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 adjustment of stores working hours due to curfew and the increase of general and administration expenses despite the decrease of the selling and marketing expenses . It should be noted the company in the 2nd Quarter 2020 made provision for doubtful debits SAR 5.9 M and provision for inventory slow moving SAR 5 M .
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for net losses for the period ended 30 June 2020 compared to the same period last year is attributed to the decrease of Sales by 25 % due to the precautionary measured taken by the regulators to contain 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 adjustment of stores working hours due to curfew , also the decrease in net other Income Where the same period2019 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 also the decrease of General and Administration Expenses . It should be noted the company in this period made provision for doubtful debits SAR 5.9 M and provision for inventory slow moving SAR 8 M .

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Some comparative figures have been reclassified to be consistent with the presentation of the current period.

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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