Saudi Marketing Company (Farm Superstores) reported net profit after Zakat and tax of SAR 8.1 million for the first quarter of 2020, versus net loss of SAR 2.6 million in a year-earlier period, driven by a SAR 72.7 million revenue increase YoY, and a slump of SAR 5.6 million in selling, distribution, general and administrative expenses.
On a sequential basis, net profit jumped 78.59%, due to lower gross profit and decreased operating earnings.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 389.42 | 462.08 | 18.7 % |
| Gross Income | 116.62 | 119.36 | 2.4 % |
| Operating Income | 10.72 | 19.09 | 78.1 % |
| Net Income | (2.60) | 8.12 | 412.1 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | (0.06) | 0.18 | 412.1 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 407.75 | 462.08 | 13.3 % |
| Gross Income | 123.37 | 119.36 | (3.3 %) |
| Operating Income | 24.93 | 19.09 | (23.4 %) |
| Net Income | 4.55 | 8.12 | 78.6 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.10 | 0.18 | 78.6 % |
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