2012-02-20 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The Riyadh-based Tadawul market index added 0.60% Sunday, closing at 6,869.95 points. Sabic finished half a percent higher at SR95. Since August 2011, Sabic has been trading in a range between SR98 and SR90. Shares of food producer, catering company and restaurants operator Herfy Food Services advanced 1.40% to reach SR92. Earlier in the day, Herfy Foods announced its results for 2011. The net profit for the 12-month period increased 17.9% to hit SR146.6m. Earnings per share for 2011 were SR4.9 compared to SR4.1 in the prior year. Herfy Foods commented in an e-mailed statement: "The above positive results for the year 2011 are due to the increase in sales which reached SR708.6m compared to SR579.9m for the same period during the previous year 2010, with an increase of 22.2%, in addition to the increase in the operating efficiency of the companys different sectors through controlling the cost factors and limiting the effect of the price increase of raw material." The firm under its Chairman Ammar A. Al Khudairy also said it has opened 20 new restaurants last year as well as the first branch of Herfy Cafe Grill restaurant during the fourth quarter. GCC food companies have a huge potential because of the region's fast growing population. UAE Minister of Foreign Trade HE Sheikha Lubna Al Qasimi said in her opening speech at the 17th Gulfood fair and exhibition, which kicked off in Dubai earlier on Sunday, that "the Gulf's population is on track to surpass the 50 million-mark by 2020 from the current 40.6m. By this time, the food consumption level would have reached 51.5m tons after a compound annual growth rate of 4.6%." The GCC countries import nine tenths of their food and food ingredients. Sheikha Lubna added: "According to figures released by the Economist Intelligence Unit last year, the region's food imports could climb 105% from $25.8bn in 2010 to $53.1bn in the next decade."  

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