Farm Superstores profit falls 46% to SAR 20.8 mln in 2021; Q4 at SAR 8.5 mln

30/03/2022 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) posted a 46.4% drop in net profit after Zakat and tax to SAR 20.8 million for 2021, compared to SAR 38.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,863.27	1,651.40	(11.4 %)
Gross Income	481.19	486.87	1.2 %
Operating Income	74.93	54.04	(27.9 %)
Net Income	38.76	20.77	(46.4 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.86	0.46	(46.4 %)

The lower profit was attributed to higher selling and distribution expenses, as well as general and administrative costs by SAR 26.6 million year-on-year (YoY).

The company’s profit was also affected by a decrease in revenues by SAR 211.9 million during 2021, as 2020 revenue was positively impacted by the COVID-19 lockdown.

The Saudi-listed firm reported a rise in 2021’s gross profit by SAR 5.7 million on higher revenues from the entertainment cities segment with an increased profit margin YoY.

The company’s Q4 2021 net profit after Zakat and tax more than doubled to SAR 8.5 million from SAR 4.05 million in Q4 2020.

Sequentially, profit surged from SAR 3.5 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	425.50	421.96	(0.8 %)
Gross Income	113.07	129.53	14.6 %
Operating Income	11.78	16.62	41.1 %
Net Income	4.05	8.50	110.0 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.09	0.19	110.0 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	394.94	421.96	6.8 %
Gross Income	120.41	129.53	7.6 %
Operating Income	10.27	16.62	61.9 %
Net Income	3.50	8.50	143.1 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.08	0.19	143.1 %

Total shareholders’ equity, excluding minority interest, rose to SAR 634.96 million in 2021 from SAR 614.81 million in 2020.

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