Financial Results : Farm Superstores net profit slumps 48% to SAR 4.3 mln in Q1 2021

Farm Superstores net profit slumps 48% to SAR 4.3 mln in Q1 2021

23/05/2021 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a net profit after Zakat and tax of SAR 4.3 million in Q1 2021, a drop of 48% from SAR 8.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 462.08 417.46 (9.7 %)
Gross Income 119.36 117.47 (1.6 %)
Operating Income 19.09 12.77 (33.1 %)
Net Income 8.12 4.26 (47.5 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 0.18 0.09 (47.5 %)

The decline in the net profit was attributed to lower revenues, along with higher selling, distribution, general and administrative expenses.

When compared to the previous quarter, Q1 2021 net profit after Zakat and tax rose 5.3%.

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