Farm Superstores 9M 2020 net profit surges to SAR 34.7 mln

10/11/2020 Argaam Exclusive

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Saudi Marketing Co.’s (Farm Superstores) net profit after Zakat and tax rose to SAR 34.7 million for the first nine months of 2020, compared to SAR 5.7 million in the same period last year.

The company attributed the profit increase to higher sales revenue driven by increased customer demand for food and consumer items during the lockdown period to reduce the spread of the coronavirus, in addition to lower selling & distribution expenses, general & administrative expenses, and depreciation and financing charges.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,173.18	1,437.78	22.6 %
Gross Income	350.96	368.13	4.9 %
Operating Income	40.57	63.16	55.7 %
Net Income	5.71	34.72	507.7 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.13	0.77	507.7 %

The company reported a net profit after Zakat and tax of SAR 7.4 million for Q3 2020, a 63% increase, from SAR 4.5 million in Q3 2019, on lower net costs and non-operating burdens charged to current quarter earnings.

On sequential basis, Q3 2020 net profit fell 61.4% due to lower customer demand in the current quarter after the end of the lockdown period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	381.24	409.30	7.4 %
Gross Income	118.84	116.73	(1.8 %)
Operating Income	17.34	16.04	(7.5 %)
Net Income	4.54	7.41	63.3 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.10	0.16	63.3 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	566.40	409.30	(27.7 %)
Gross Income	132.04	116.73	(11.6 %)
Operating Income	28.03	16.04	(42.8 %)
Net Income	19.19	7.41	(61.4 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.43	0.16	(61.4 %)

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