Saudi food chain Herfy's shares up after 204% jump in yearly profit

RIYADH: Saudi Herfy food service Co.'s shares up today as yearly profits jumped.

The closing bell saw shares reach SR57, compounding gains from SR55 the day prior.

Hergy has reported a 204 percent jump in profit during 2021, driven by increase in sales.

Profit peaked to SR160 million ($42.6 million), compared to SR52 million a year earlier, according to a bourse filing.

The profit hike was mainly attributed to a 22 percent increase in sales, along with a decrease in general and administrative expenses and finance costs.