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

30/03/2021 Argaam Exclusive

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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 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	409.30	425.50	4.0 %
Gross Income	116.73	113.07	(3.1 %)
Operating Income	16.04	11.78	(26.6 %)
Net Income	7.41	4.05	(45.4 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.16	0.09	(45.4 %)

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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