Saudi Marketing Co. (Farm Superstores) reported a 21% leap in Q1 2023 net profit to SAR 7.45 million, from SAR 6.2 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 438.79 | 479.94 | 9.4 % |
| Gross Income | 121.36 | 136.89 | 12.8 % |
| Operating Income | 13.31 | 24.27 | 82.3 % |
| Net Income | 6.17 | 7.45 | 20.6 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.14 | 0.17 | 20.6 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 477.00 | 479.94 | 0.6 % |
| Gross Income | 137.77 | 136.89 | (0.6 %) |
| Operating Income | 26.19 | 24.27 | (7.3 %) |
| Net Income | 6.75 | 7.45 | 10.3 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.15 | 0.17 | 10.3 % |
The higher profit was buoyed by an increase of SAR 41.1 million year-on-year (YoY) in revenues, due to better retail and entertainment revenues in the current quarter compared to Q1 2022.
On the other hand, the first-quarter operating expenses increased by SAR 8.4 million YoY, while rental income decreased by SAR 0.3 million.
The three-month net profit grew 10.3% from SAR 6.75 million in Q4 2022.
Shareholders’ equity, after minority interest, rose to SAR 666.4 million as of March 31, 2023, from SAR 641.1 million in the year-earlier period.
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