Saudi Marketing Co. (Farm Superstores) reported net profit after Zakat and tax of SAR 27.3 million for the first half of 2020, compared to SAR 1.2 million in a year-earlier period, driven by strong demand for the food products during the lockdown period and lower selling, administrative and general expenses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 791.93 | 1,028.48 | 29.9 % |
| Gross Income | 232.13 | 251.40 | 8.3 % |
| Operating Income | 23.23 | 47.12 | 102.8 % |
| Net Income | 1.17 | 27.31 | 2226.0 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.03 | 0.61 | 2226.0 % |
Net profit after Zakat and tax for the second quarter rose more than five-fold YoY to SAR 19.2 million, due to higher revenue on strong demand for food products during the lockdown period.
On a quarter-on-quarter basis, the profit for the current quarter more than doubled.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 402.51 | 566.40 | 40.7 % |
| Gross Income | 115.51 | 132.04 | 14.3 % |
| Operating Income | 12.51 | 28.03 | 124.0 % |
| Net Income | 3.78 | 19.19 | 408.3 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.08 | 0.43 | 408.3 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 462.08 | 566.40 | 22.6 % |
| Gross Income | 119.36 | 132.04 | 10.6 % |
| Operating Income | 19.09 | 28.03 | 46.9 % |
| Net Income | 8.12 | 19.19 | 136.4 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.18 | 0.43 | 136.4 % |
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