Riyadh – Mubasher: Herfy Food Services Company reported net losses of SAR 34.24 million in the second quarter (Q2) of 2020, against profits of SAR 40.86 million in the same period in 2019.
The turn to losses was due to sales declining by 45%, as a result of the precautions adopted to curb the coronavirus outbreak, including the closure of Herfy’s restaurants at shopping malls, allowing only home delivery service in some restaurants, and reducing working hours in branches, according to a bourse statement on Monday.
Additionally, other income dropped and the company realised SAR 2.2 million worth of capital gains from the sale of some assets. Meanwhile, Herfy saw a decrease in selling and marketing expenses, financing expenses, and general and administrative expenses.
Revenue for Q2-20 reached SAR 170.1 million, a decline of 45% when compared to SAR 309.3 million in Q2-19.
