Herfy net profit rises over threefold to SAR 161.7 mln in 2021

Herfy net profit rises over threefold to SAR 161.7 mln in 2021

27/01/2022 Argaam Exclusive

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Herfy Food Services Co. (Herfy Food) posted an estimated net profit after Zakat and tax of SAR 161.7 million for 2021, a rise of over threefold from SAR 52.8 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 1,076.08 1,319.09 22.6 %
Gross Income 264.27 417.83 58.1 %
Operating Income 89.10 182.62 105.0 %
Net Income 52.84 151.79 187.3 %
Average Shares 64.68 64.68 -
EPS (Riyals) 0.82 2.35 187.3 %

The rise was fueled by a 22% year-on-year (YoY) increase in sales, along with lower general and administrative expenses, as well as finance costs. This came despite a decrease in other Income, and higher selling and marketing expenses.

 

In Q4 2021, Herfy reported a net profit after Zakat and tax of SAR 49.5 million, compared to SAR 20.6 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 297.94 334.39 12.2 %
Gross Income 76.48 138.50 81.1 %
Operating Income 32.79 55.48 69.2 %
Net Income 20.57 39.59 92.5 %
Average Shares 64.68 64.68 -
EPS (Riyals) 0.32 0.61 92.5 %

Total shareholders’ equity, after minority interest, grew by 10.16% to SAR 1.056 billion in 2021, from SAR 959.40 million in 2020.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 198.94 24.9 % 61.70 21.9 % 40.84 24.1 %
Q2 2012 218.32 15.9 % 70.50 15.1 % 48.28 21.7 %
Q3 2012 203.04 17.7 % 61.28 17.7 % 41.99 21.7 %
Q4 2012 221.71 17.7 % 72.88 17.0 % 49.54 20.2 %
Q1 2013 208.77 4.9 % 67.06 8.7 % 46.65 14.2 %
Q2 2013 222.81 2.1 % 72.45 2.8 % 50.57 4.7 %
Q3 2013 198.54 (2.2 %) 60.26 (1.7 %) 38.62 (8.0 %)
Q4 2013 218.59 (1.4 %) 73.37 0.7 % 50.85 2.6 %
Q1 2014 215.93 3.4 % 71.32 6.3 % 49.18 5.4 %
Q2 2014 226.72 1.8 % 76.35 5.4 % 53.30 5.4 %
Q3 2014 224.71 13.2 % 71.72 19.0 % 44.18 14.4 %
Q4 2014 242.78 11.1 % 72.01 (1.9 %) 46.97 (7.6 %)
Q1 2015 265.20 22.8 % 86.87 21.8 % 55.70 13.3 %
Q2 2015 259.36 14.4 % 75.02 (1.7 %) 49.34 (7.4 %)
Q3 2015 279.47 24.4 % 85.35 19.0 % 57.05 29.1 %
Q4 2015 272.97 12.4 % 73.55 2.1 % 46.00 (2.1 %)
Q1 2016 283.55 6.9 % 85.25 (1.9 %) 53.12 (4.6 %)
Q2 2016 277.73 7.1 % 76.77 2.3 % 47.92 (2.9 %)
Q3 2016 315.17 12.8 % 95.22 11.6 % 62.64 9.8 %
Q4 2016 280.23 2.7 % 90.37 22.9 % 54.80 19.1 %
Q1 2017 275.01 (3.0 %) 86.86 1.9 % 53.36 0.5 %
Q2 2017 272.10 (2.0 %) 75.42 (1.8 %) 43.65 (8.9 %)
Q3 2017 311.72 (1.1 %) 90.06 (5.4 %) 56.93 (9.1 %)
Q4 2017 298.96 6.7 % 89.40 (1.1 %) 50.05 (8.7 %)
Q1 2018 286.30 4.1 % 78.98 (9.1 %) 49.01 (8.2 %)
Q2 2018 286.61 5.3 % 78.73 4.4 % 46.78 7.2 %
Q3 2018 329.16 5.6 % 96.69 7.4 % 59.61 4.7 %
Q4 2018 325.20 8.8 % 90.67 1.4 % 53.49 6.9 %
Q1 2019 313.40 9.5 % 93.54 18.4 % 51.40 4.9 %
Q2 2019 309.31 7.9 % 88.10 11.9 % 46.17 (1.3 %)
Q3 2019 339.08 3.0 % 110.95 14.7 % 67.61 13.4 %
Q4 2019 326.52 0.4 % 100.06 10.4 % 56.43 5.5 %
Q1 2020 296.93 (5.3 %) 79.13 (15.4 %) 34.67 (32.5 %)
Q2 2020 170.10 (45.0 %) 15.70 (82.2 %) (20.65) (144.7 %)
Q3 2020 311.12 (8.2 %) 92.45 (16.7 %) 41.77 (38.2 %)
Q4 2020 297.94 (8.8 %) 76.48 (23.6 %) 32.79 (41.9 %)
Q1 2021 311.12 4.8 % 82.11 3.8 % 32.31 (6.8 %)
Q2 2021 321.37 88.9 % 80.92 415.3 % 30.42 247.3 %
Q3 2021 352.22 13.2 % 116.30 25.8 % 64.41 54.2 %
Q4 2021 334.39 12.2 % 138.50 81.1 % 55.48 69.2 %
2021 1,319.09 22.6 % 417.83 58.1 % 182.62 105.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 40.60 24.8 % 0.63 - 40.60 0.63
Q2 2012 49.31 25.3 % 0.76 - 49.31 0.76
Q3 2012 42.38 23.0 % 0.66 - 42.38 0.66
Q4 2012 48.87 21.3 % 0.76 - 48.87 0.76
Q1 2013 46.46 14.4 % 0.72 - 46.46 0.72
Q2 2013 51.22 3.9 % 0.79 - 51.22 0.79
Q3 2013 42.40 0.0 % 0.66 - 42.40 0.66
Q4 2013 57.57 17.8 % 0.89 6.22 51.34 0.79
Q1 2014 48.01 3.3 % 0.74 - 48.01 0.74
Q2 2014 52.40 2.3 % 0.81 - 52.40 0.81
Q3 2014 56.72 33.8 % 0.88 13.00 43.72 0.68
Q4 2014 48.68 (15.4 %) 0.75 1.21 47.47 0.73
Q1 2015 54.54 13.6 % 0.84 - 54.54 0.84
Q2 2015 46.27 (11.7 %) 0.72 - 46.27 0.72
Q3 2015 56.65 (0.1 %) 0.88 - 56.65 0.88
Q4 2015 45.22 (7.1 %) 0.70 - 45.22 0.70
Q1 2016 53.35 (2.2 %) 0.82 - 53.35 0.82
Q2 2016 49.48 7.0 % 0.77 - 49.48 0.77
Q3 2016 59.29 4.7 % 0.92 - 59.29 0.92
Q4 2016 54.95 21.5 % 0.85 - 54.95 0.85
Q1 2017 52.72 (1.2 %) 0.82 - 52.72 0.82
Q2 2017 43.40 (12.3 %) 0.67 - 43.40 0.67
Q3 2017 56.04 (5.5 %) 0.87 - 56.04 0.87
Q4 2017 47.89 (12.9 %) 0.74 - 47.89 0.74
Q1 2018 47.75 (9.4 %) 0.74 - 47.75 0.74
Q2 2018 45.89 5.7 % 0.71 - 45.89 0.71
Q3 2018 58.11 3.7 % 0.90 - 58.11 0.90
Q4 2018 52.43 9.5 % 0.81 - 52.43 0.81
Q1 2019 48.06 0.7 % 0.74 - 48.06 0.74
Q2 2019 40.86 (11.0 %) 0.63 2.23 38.63 0.60
Q3 2019 57.54 (1.0 %) 0.89 - 57.54 0.89
Q4 2019 49.64 (5.3 %) 0.77 5.72 43.92 0.68
Q1 2020 25.13 (47.7 %) 0.39 (3.00) 28.13 0.43
Q2 2020 (34.24) (183.8 %) (0.53) (3.99) (30.24) (0.47)
Q3 2020 41.38 (28.1 %) 0.64 3.01 38.37 0.59
Q4 2020 20.57 (58.6 %) 0.32 (6.22) 26.79 0.41
Q1 2021 25.47 1.3 % 0.39 - 25.47 0.39
Q2 2021 26.67 177.9 % 0.41 - 26.67 0.41
Q3 2021 60.06 45.1 % 0.93 - 60.06 0.93
Q4 2021 39.59 92.5 % 0.61 - 39.59 0.61
2021 151.79 187.3 % 2.35 - 151.79 2.35

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 31.72 % 26.37 % 20.68 %
Q2 2012 31.69 % 26.60 % 21.16 %
Q3 2012 31.63 % 26.74 % 21.34 %
Q4 2012 31.63 % 26.91 % 21.52 %
Q1 2013 31.90 % 27.49 % 21.95 %
Q2 2013 31.96 % 27.80 % 22.06 %
Q3 2013 32.01 % 27.66 % 22.18 %
Q4 2013 32.18 % 27.95 % 22.56 %
Q1 2014 32.41 % 28.02 % 22.55 %
Q2 2014 32.72 % 28.34 % 22.58 %
Q3 2014 33.05 % 28.31 % 22.06 %
Q4 2014 32.02 % 27.42 % 21.05 %
Q1 2015 31.99 % 27.21 % 20.65 %
Q2 2015 30.81 % 26.54 % 19.35 %
Q3 2015 30.50 % 26.96 % 19.58 %
Q4 2015 29.79 % 26.88 % 18.82 %
Q1 2016 29.14 % 26.58 % 18.39 %
Q2 2016 28.82 % 26.53 % 18.38 %
Q3 2016 28.78 % 25.92 % 18.04 %
Q4 2016 30.05 % 25.79 % 18.77 %
Q1 2017 30.42 % 25.60 % 18.85 %
Q2 2017 30.45 % 24.69 % 18.41 %
Q3 2017 30.09 % 24.32 % 18.18 %
Q4 2017 29.52 % 23.63 % 17.28 %
Q1 2018 28.56 % 23.12 % 16.69 %
Q2 2018 28.49 % 23.18 % 16.69 %
Q3 2018 28.63 % 23.20 % 16.62 %
Q4 2018 28.12 % 23.44 % 16.64 %
Q1 2019 28.67 % 23.34 % 16.30 %
Q2 2019 28.89 % 25.98 % 15.44 %
Q3 2019 29.78 % 28.24 % 15.28 %
Q4 2019 30.48 % 29.97 % 14.60 %
Q1 2020 29.74 % 30.77 % 13.23 %
Q2 2020 27.00 % 27.43 % 8.77 %
Q3 2020 26.01 % 25.71 % 7.26 %
Q4 2020 24.51 % 24.27 % 5.86 %
Q1 2021 24.46 % 23.58 % 5.54 %
Q2 2021 26.74 % 24.51 % 9.45 %
Q3 2021 27.74 % 25.35 % 10.84 %
Q4 2021 31.68 % 26.51 % 11.51 %
2021 31.68 % 26.51 % 11.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 64.68 2.39 2.39 7.42
Q2 2012 64.68 2.55 2.55 7.46
Q3 2012 64.68 2.67 2.67 7.31
Q4 2012 64.68 2.80 2.80 8.06
Q1 2013 64.68 2.89 2.89 8.78
Q2 2013 64.68 2.92 2.92 8.73
Q3 2013 64.68 2.92 2.92 8.50
Q4 2013 64.68 3.06 2.96 9.29
Q1 2014 64.68 3.08 2.98 10.03
Q2 2014 64.68 3.10 3.00 9.92
Q3 2014 64.68 3.32 3.02 9.73
Q4 2014 64.68 3.18 2.96 10.48
Q1 2015 64.68 3.28 3.06 11.32
Q2 2015 64.68 3.19 2.97 10.87
Q3 2015 64.68 3.19 3.17 10.67
Q4 2015 64.68 3.13 3.13 11.37
Q1 2016 64.68 3.12 3.12 12.04
Q2 2016 64.68 3.16 3.16 11.71
Q3 2016 64.68 3.21 3.21 11.55
Q4 2016 64.68 3.36 3.36 12.41
Q1 2017 64.68 3.35 3.35 13.23
Q2 2017 64.68 3.25 3.25 12.80
Q3 2017 64.68 3.20 3.20 12.66
Q4 2017 64.68 3.09 3.09 13.40
Q1 2018 64.68 3.02 3.02 14.14
Q2 2018 64.68 3.05 3.05 13.72
Q3 2018 64.68 3.09 3.09 13.62
Q4 2018 64.68 3.16 3.16 14.42
Q1 2019 64.68 3.16 3.16 15.27
Q2 2019 64.68 3.08 3.05 14.78
Q3 2019 64.68 3.08 3.04 14.67
Q4 2019 64.68 3.03 2.91 15.43
Q1 2020 64.68 2.68 2.60 15.82
Q2 2020 64.68 1.52 1.54 14.15
Q3 2020 64.68 1.27 1.24 14.79
Q4 2020 64.68 0.82 0.97 14.83
Q1 2021 64.68 0.82 0.93 15.23
Q2 2021 64.68 1.76 1.81 14.64
Q3 2021 64.68 2.05 2.15 15.57
Q4 2021 64.68 2.35 2.35 16.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 17.64 17.64 5.68
Q2 2012 16.12 16.12 5.50
Q3 2012 17.55 17.55 6.41
Q4 2012 17.38 17.38 6.04
Q1 2013 18.40 18.40 6.06
Q2 2013 20.78 20.78 6.95
Q3 2013 20.95 20.95 7.20
Q4 2013 18.53 19.13 6.09
Q1 2014 22.85 23.59 7.02
Q2 2014 23.25 24.00 7.26
Q3 2014 22.07 24.25 7.53
Q4 2014 21.83 23.45 6.63
Q1 2015 24.15 25.88 7.00
Q2 2015 26.22 28.16 7.69
Q3 2015 21.07 21.20 6.29
Q4 2015 22.93 22.93 6.32
Q1 2016 14.85 14.85 3.84
Q2 2016 17.52 17.52 4.74
Q3 2016 14.23 14.23 3.95
Q4 2016 16.69 16.69 4.51
Q1 2017 17.66 17.66 4.47
Q2 2017 17.34 17.34 4.41
Q3 2017 15.61 15.61 3.95
Q4 2017 14.92 14.92 3.44
Q1 2018 15.75 15.75 3.36
Q2 2018 15.34 15.34 3.41
Q3 2018 13.51 13.51 3.06
Q4 2018 14.45 14.45 3.16
Q1 2019 17.05 17.05 3.53
Q2 2019 18.32 18.53 3.82
Q3 2019 16.98 17.17 3.56
Q4 2019 17.71 18.46 3.48
Q1 2020 15.82 16.28 2.68
Q2 2020 29.61 29.23 3.17
Q3 2020 42.48 43.40 3.64
Q4 2020 72.96 61.14 4.02
Q1 2021 79.42 69.94 4.29
Q2 2021 36.17 35.18 4.36
Q3 2021 30.79 29.41 4.06
Q4 2021 26.59 26.59 3.87

Business Segments (Million)

Compared With The
Period Restaurants Meat Factory Bakeries Shaboura factory
Q1 2012 161.28 7.26 27.15 3.26
Q2 2012 177.78 6.61 29.96 3.97
Q3 2012 170.50 5.86 33.91 -
Q4 2012 187.78 7.21 26.73 -
Q1 2013 176.07 6.47 26.22 -
Q2 2013 189.39 6.62 26.81 -
Q3 2013 173.20 6.79 18.54 -
Q4 2013 185.46 8.70 24.42 -
Q1 2014 182.75 7.74 25.44 -
Q2 2014 191.16 7.68 27.88 -
Q3 2014 196.58 6.76 21.37 -
Q4 2014 204.62 7.63 30.54 -
Q1 2015 226.66 6.83 31.71 -
Q2 2015 221.24 7.83 30.29 -
Q3 2015 246.39 6.06 27.01 -
Q4 2015 227.95 7.80 37.23 -
Q1 2016 241.18 6.67 35.70 -
Q2 2016 239.31 6.29 32.13 -
Q3 2016 279.93 6.12 29.12 -
Q4 2016 234.31 7.48 38.43 -
Q1 2017 232.91 7.83 34.28 -
Q2 2017 235.78 6.35 29.97 -
Q3 2017 273.07 6.90 31.75 -
Q4 2017 252.38 7.63 38.95 -
Q1 2018 243.28 7.40 35.62 -
Q2 2018 249.13 7.22 30.27 -
Q3 2018 284.92 8.35 35.90 -
Q4 2018 272.24 12.55 40.41 -
Q1 2019 263.74 11.95 37.71 -
Q2 2019 269.62 9.23 30.45 -
Q3 2019 288.72 10.87 39.50 -
Q4 2019 270.01 11.76 44.79 -
Q1 2020 233.95 17.55 45.43 -
Q2 2020 105.72 27.31 37.07 -
Q3 2020 252.85 16.09 42.18 -
Q4 2020 238.88 14.41 44.64 -
Q1 2021 252.14 14.26 44.71 -
Q2 2021 270.19 11.26 39.92 -
Q3 2021 293.05 15.54 43.63 -
Q4 2021 272.38 17.39 44.62 -

Analysts Estimates (Million)

Item Q4 2021 (e) Q4 2021 (a) Change‬
Average 49.73 39.59 (20.4 %)

Estimates vs Actual (Million)

Item Q4 2021 (e) Q4 2021 (a) Change
Al Rajhi Capital 42.00 39.59 (5.7) %
Sico 52.00 39.59 (23.9) %
OSOOL AND BAKHEET 55.20 39.59 (28.3) %


Financial Ratios
Current
Market Cap (M Riyal) 1,512.22
Enterprise Value (EV) (M) 1,484.84
Shares Outstanding ((M)) 64.68
EPS ( Riyal) (TTM) (0.79)
Book Value (BV) ( Riyal) 15.10
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.55
Return on Average Assets (%) (TTM) (2.72 )
Return on Average Equity (%) (TTM) (5.09 )
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Share Price

Herfy Food Services Co.
23.38
0.44 1.92 %

Herfy Food Services Co. (HERFY FOODS)

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