Herfy eyes Asia expansions this year: COO

Herfy Food Services is looking to expand in Asia with two to three deals, chief operating officer Khalid Ahmed Al Saeed told Bloomberg TV.

“The restaurant operator seeks to grow abroad amid rising costs at home. The new transactions will be announced in two to four months,” Al Saeed noted.

Last month, Herfy opened its third branch in Bangladesh. “All the franchise deals we will do will be international," he said.

Commenting on the company’s financial results, Al Saeed said Herfy had a slow start to 2018 but saw a pick up in the second half, adding that it opened more than 20 stores last year.

The restaurant operator is facing higher costs for employees after Saudi Arabia introduced fees on foreign workers. The company, with profit growth of 2 percent last year, is managing the increases by cutting marketing expenses and renegotiating with suppliers, he said.