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.
| 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.
| 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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