Saudi Marketing Co. (Farm Superstores) reported a net profit decline of 5% to SAR 21.8 million in 2023, compared to SAR 22.8 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,798.68 | 1,813.41 | 0.8 % |
| Gross Income | 516.59 | 547.28 | 5.9 % |
| Operating Income | 68.70 | 77.53 | 12.9 % |
| Net Income | 22.83 | 21.79 | (4.5 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.51 | 0.48 | (4.5 %) |
The profit decline was due to a rise of SAR 21.8 million in total operating expenses compared to the previous year and higher financing costs on a rise in borrowing rates.
However, gross profit increased by SAR 30.7 million.
Net of non-operating costs and expenses charged to the profits of 2023 amounted to SAR 65.6 million compared to SAR 57.2 million a year before.
Revenues grew by SAR 14.7 million due to an increase in revenues of the entertainment segment.
Q4 2023 net earnings dropped 55% to SAR 3.1 million, from SAR 6.75 million in the year-earlier period.
On a quarterly basis, net profit fell 37.1% from SAR 4.89 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 477.00 | 454.99 | (4.6 %) |
| Gross Income | 137.77 | 137.51 | (0.2 %) |
| Operating Income | 26.19 | 20.98 | (19.9 %) |
| Net Income | 6.75 | 3.07 | (54.5 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.15 | 0.07 | (54.5 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 429.26 | 454.99 | 6.0 % |
| Gross Income | 138.64 | 137.51 | (0.8 %) |
| Operating Income | 17.08 | 20.98 | 22.8 % |
| Net Income | 4.89 | 3.07 | (37.1 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.11 | 0.07 | (37.1 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 660.58 million by Dec. 31, 2023, compared to SAR 658.91 million a year earlier.
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