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RIYADH: Saudi Arabia’s largest food chain Herfy has posted a surge in profit of 11 percent in the first quarter, on the back of growth in sales of 5.5 percent.
The company’s net profit amounted to SR28.4 million ($7.6 million) in the first quarter, compared to SR25.5 million in the same period a year earlier, according to a bourse filing.
The hike was propelled by higher sales that crossed SR328 million as well as a fall in general and administrative costs, the Riyadh-based food chain owner said.
It added that this came despite an increase in selling and marketing expenses.
Herfy Food Services was established in 1981, and the first Herfy restaurant opened in Riyadh that same year.