Herfy Food Services Company, announcing its interim financial results for the period ended March 31, 2013, said its net income for the first quarter amounted to SR 46.5 million compared to SR40.6 million during the same quarter from the previous year, with an increase of 14.5 percent.
This is a decrease of 4.9 percent compared to SR 48.9 million during the previous quarter, said a company statement.
Gross profit for the first quarter amounted to SR 67.1 million compared to SR 61.7 million during the same quarter from the previous year, with an increase of 8.8 percent.
Operating profit for the first quarter amounted to SR 46.7 million compared to SR 40.8 million during the same quarter from the previous year, with an increase of 14.5 percent.
Earnings per share for the three months were SR 1.55 compared to SR 1.35 for the same period from the previous year.
The positive results for the first quarter of 2013 compared to the same period last year are due to the increase in sales as well as in the operating efficiency of the company’s different sectors.
The decrease of the net income of Q1 2013 compared to the fourth quarter of 2012 is due to the variance in demand between both periods.
Sales for the first quarter amounted to SR 208.8 million compared to SR 198.9 million for the same period from the previous year, with an increase of 5 percent.
Herfy Food earnings jump 14.5 percent
