RIYADH: Saudi Arabia’s largest food chain, Herfy Food Service Co. has seen over a threefold rise in its estimated annual profit for 2021, after a surge in its sales during the pandemic.
The estimated net profit amounted to SR162 million ($43.2 million), compared to SR52.8 million a year earlier, according to a bourse filing.
The hike was propelled by a jump in sales of 22 percent, reaching more than SR1.3 billion, as well as a fall in general and administrative expenses.
This came despite a decrease in other income and higher selling and marketing expenses, the Riyadh-based food chain owner said in a bourse statement.
Herfy Food Services was established in 1981, and the first Herfy restaurant opened in Riyadh that same year.