Riyadh – Mubasher: Herfy Food Services Co achieved a growth of 22.44% in net profits during the fourth quarter of 2016 as compared to the same period a year ago.
Profits amounted to SAR 55.37 million ($14.76 million) in Q4-16 from SAR 45.22 million ($12 million) in Q4-15, according to a bourse statement issued on Thursday.
During the fiscal year of 2016, earnings increased by 7.31% to reach SAR 217.5 million from SAR 202.68 million in the previous fiscal year.
The company clarified that the growth in Q4 profits was due to “the decrease in cost of sales which due to decrease in raw material cost and other indirect cost with a bigger amount than the increase in selling & marketing expenses and general & administrative expenses, and the increase in sales.”
