Saudi Marketing Co.’s (Farm Superstores) net profit after Zakat and tax rose to SAR 34.7 million for the first nine months of 2020, compared to SAR 5.7 million in the same period last year.
The company attributed the profit increase to higher sales revenue driven by increased customer demand for food and consumer items during the lockdown period to reduce the spread of the coronavirus, in addition to lower selling & distribution expenses, general & administrative expenses, and depreciation and financing charges.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 1,173.18 | 1,437.78 | 22.6 % |
| Gross Income | 350.96 | 368.13 | 4.9 % |
| Operating Income | 40.57 | 63.16 | 55.7 % |
| Net Income | 5.71 | 34.72 | 507.7 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.13 | 0.77 | 507.7 % |
The company reported a net profit after Zakat and tax of SAR 7.4 million for Q3 2020, a 63% increase, from SAR 4.5 million in Q3 2019, on lower net costs and non-operating burdens charged to current quarter earnings.
On sequential basis, Q3 2020 net profit fell 61.4% due to lower customer demand in the current quarter after the end of the lockdown period.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 381.24 | 409.30 | 7.4 % |
| Gross Income | 118.84 | 116.73 | (1.8 %) |
| Operating Income | 17.34 | 16.04 | (7.5 %) |
| Net Income | 4.54 | 7.41 | 63.3 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.10 | 0.16 | 63.3 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 566.40 | 409.30 | (27.7 %) |
| Gross Income | 132.04 | 116.73 | (11.6 %) |
| Operating Income | 28.03 | 16.04 | (42.8 %) |
| Net Income | 19.19 | 7.41 | (61.4 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.43 | 0.16 | (61.4 %) |
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