Herfy Food Services Company, Saudi Arabia’s largest fast-food chain, has signed an agreement with EatRite Food Services, granting it franchise rights to open up to 50 outlets in Nigeria. “This agreement comes as a continuation to Herfy’s approach to becoming international, which is one of the pillars of the 2030 Vision announced by HRH The Crown Prince, Mohammed bin Salman, as
JEDDAH: Herfy Food Services Company, Saudi Arabia’s largest fast-food chain, has opened its fifth restaurant in Bangladesh, following the success of previous branches in the capital city.
The financial impact from the opening will reflect in the first quarter of 2021, the company said in a Tadawul statement.
Herfy inaugurated its first branch outside the Middle East under a franchise system in Bangladesh in December 2017.
According to an agreement signed with Bangladeshi private-sector company Greenland Services Ltd. in 2016, Herfy aims to open 30 outlets within “a few years.”
In 2020, Herfy reported an estimated annual net profit after zakat and tax of SR 53.6 million ($14.29 million), a drop of 73 percent year-on-year, as revenue for the year fell 16.6 percent to SR 1.074 billion.