Farm Superstores net profit rises threefold to SAR 38.8 mln in 2020

30/03/2021 Argaam Exclusive

Saudi Marketing Co. (Farm Superstores) reported a net profit after Zakat and tax of 38.8 million for 2020, compared to SAR 10.3 million a year earlier.

 

The company attributed the profit surge to an increase in revenues, driven by better customer demand for food and consumer goods, especially during the COVID-19 closure period in H1 2020.

 

However, the company’s entertainment activity was hit by the closure of the Adventure World branches during the COVID-19 pandemic and the general decrease in revenue from this activity throughout the year.

 

The rental activity was also affected, as the company granted discounts to the tenants in the closure periods. Moreover, the operations of the subsidiary - Pure Spring Co. - were also hurt by the COVID-19 closures during the H1 2020.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,580.93 1,863.27 17.9 %
Gross Income 474.34 481.19 1.4 %
Operating Income 65.50 74.93 14.4 %
Net Income 10.26 38.76 277.9 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.23 0.86 277.9 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 407.75 425.50 4.4 %
Gross Income 123.37 113.07 (8.4 %)
Operating Income 24.93 11.78 (52.8 %)
Net Income 4.55 4.05 (11.0 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 0.10 0.09 (11.0 %)

In Q4 2020, the company posted an 11% decline year-on-year in net profit after Zakat and tax to SAR 4.1 million.

 

Shareholders’ equity, excluding minority interest, rose by 6.54% to SAR 613.81 million in 2020, from SAR 577.06 million a year earlier.

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Share Price

Saudi Marketing Co.
22.50
(0.10) (0.44 %)

Saudi Marketing Co. (FARM SUPERSTORES)

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Financial Ratios
Current
Market Cap (M Riyal) 1,012.50
Enterprise Value (EV) (M) 1,582.84
Shares Outstanding ((M)) 45.00
EPS ( Riyal) (TTM) 0.52
Book Value (BV) ( Riyal) 15.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.55
P/E (TTM) 43.02
Price/book 1.49
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 3.5
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