Farm Superstores net profit dips 68% to SAR 8.8 mln in H1 2021

19/08/2021 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a net profit after Zakat and tax of SAR 8.8 million for the first half of 2021, a fall of 68% from SAR 27.3 million a year earlier.

The net profit tumbled due to lower revenues, along with higher selling, distribution, general and administrative expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	1,028.48	834.50	(18.9 %)
Gross Income	251.40	236.93	(5.8 %)
Operating Income	47.12	27.15	(42.4 %)
Net Income	27.31	8.78	(67.8 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.61	0.20	(67.8 %)

In Q2 2021, net profit after Zakat and tax plummeted 77% to SAR 4.5 million from SAR 4.5 million in the year-ago period.

The company cited a decline in the second-quarter revenue, a rise in net non-operating costs, as well as higher selling, distribution, general and administrative expenses.

Sequentially, Farm Superstores’ net profit after Zakat and tax grew by 6% from SAR 4.2 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	566.40	417.05	(26.4 %)
Gross Income	132.04	119.47	(9.5 %)
Operating Income	28.03	14.38	(48.7 %)
Net Income	19.19	4.52	(76.5 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.43	0.10	(76.5 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	417.46	417.05	(0.1 %)
Gross Income	117.47	119.47	1.7 %
Operating Income	12.77	14.38	12.6 %
Net Income	4.26	4.52	6.1 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.09	0.10	6.1 %

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