Farm Superstores 2023 profit down 5% to SAR 21.8M; Q4 at SAR 3.1M

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.

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.

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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