Farm Superstores’ 9M 2021 net profit down 65% to SAR 12.3 mln

11/11/2021 Argaam Exclusive

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Saudi Marketing Co.
23.04
0.04 0.17 %

Saudi Marketing Co. (FARM SUPERSTORES)

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Saudi Marketing Co. (Farm Superstores) reported a net profit after Zakat and tax of SAR 12.3 million for the first nine months of 2021, a decline of 65% from SAR 34.7 million in a prior-year period, on subdued revenue and higher selling, distribution as well as general and administrative expenses, including a depreciation of SAR 14.9 million for the current period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 1,437.78 1,229.44 (14.5 %)
Gross Income 368.13 357.34 (2.9 %)
Operating Income 63.16 37.42 (40.8 %)
Net Income 34.72 12.28 (64.6 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 0.77 0.27 (64.6 %)

Q3 2021 net profit after Zakat and tax plunged 53% year-on-year (YoY) to SAR 3.5 million, driven by lower revenue, and higher selling, distribution as well as general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 409.30 394.94 (3.5 %)
Gross Income 116.73 120.41 3.2 %
Operating Income 16.04 10.27 (36.0 %)
Net Income 7.41 3.50 (52.8 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 0.16 0.08 (52.8 %)

On a quarterly basis, net earnings fell 22.6%.

 

Total shareholders’ equity (excluding minority interest) stood at SAR 627.1 million for the nine-month period compared to SAR 661.6 million in the same period last year.
 

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