Herfy turns to SAR 12.8 mln loss in Q1 2023

Herfy turns to SAR 12.8 mln loss in Q1 2023

09/05/2023 Argaam Exclusive

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Herfy Food Services Co.  reported a net loss of SAR 12.8 million in Q1 2023, versus a net profit of SAR 26.7 million in the year earlier period, as sales declined 16.8% year-on-year (YoY) due to seasonal factors including Ramadan. In addition, selling and marketing expenses edged higher.

 


Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 331.00 275.13 (16.9 %)
Gross Income 96.94 54.28 (44.0 %)
Operating Income 34.58 (8.00) (123.1 %)
Net Income 26.72 (12.82) (148.0 %)
Average Shares 64.68 64.68 -
EPS (Riyals) 0.41 (0.20) (148.0 %)

On a sequential basis, net losses shrank 80.6% from SAR 65.99 million, due to lower selling, marketing, general and administrative expenses. 

 

Total shareholders’ equity, no minority interest, stood at SAR 1.04 billion as of March 31, 2023, compared to SAR 1.07 billion in the prior-year period.   



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2022 331.00 6.4 % 96.94 18.1 % 34.58 7.0 %
Q2 2022 298.08 (7.2 %) 80.01 (1.1 %) 27.71 (8.9 %)
Q3 2022 315.57 (10.4 %) 79.06 (32.0 %) 25.34 (60.7 %)
Q4 2022 299.19 (10.5 %) 56.01 (59.6 %) (55.10) (199.3 %)
Q1 2023 275.13 (16.9 %) 54.28 (44.0 %) (8.00) (123.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2022 26.72 4.9 % 0.41 - 26.72 0.41
Q2 2022 21.28 (20.2 %) 0.33 - 21.28 0.33
Q3 2022 19.86 (66.9 %) 0.31 - 19.86 0.31
Q4 2022 (59.28) (249.7 %) (0.92) - (59.28) (0.92)
Q1 2023 (12.82) (148.0 %) (0.20) - (12.82) (0.20)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2022 32.31 % 26.42 % 11.43 %
Q2 2022 32.82 % 26.55 % 11.22 %
Q3 2022 30.84 % 24.37 % 8.40 %
Q4 2022 25.09 % 16.21 % 0.69 %
Q1 2023 22.67 % 13.35 % (2.61 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 64.68 2.37 2.37 16.55
Q2 2022 64.68 2.28 2.28 16.88
Q3 2022 64.68 1.66 1.66 17.11
Q4 2022 64.68 0.13 0.13 16.34
Q1 2023 64.68 (0.48) (0.48) 16.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 23.84 23.84 3.41
Q2 2022 18.64 18.64 2.52
Q3 2022 23.36 23.36 2.27
Q4 2022 More than 100 More than 100 2.11
Q1 2023 NEG NEG 2.03

Business Segments (Million)

Compared With The
Period Restaurants Meat Factory Bakeries Shaboura factory
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 -
Q1 2022 263.41 20.34 47.25 -
Q2 2022 237.34 17.83 42.91 -
Q3 2022 251.21 19.14 45.22 -
Q4 2022 232.01 20.60 46.58 -
Q1 2023 210.91 19.93 44.29 -

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 17.41 (12.82) (173.6 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Hermes 26.00 (12.82) (149.3) %
Al Rajhi Capital 19.00 (12.82) (167.5) %
Goldman Sachs 15.52 (12.82) (182.6) %
Sico 9.10 (12.82) (240.8) %

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 )

Share Price

23.38
0.44 1.92 %

Herfy Food Services Co. (HERFY FOODS)


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