Farm Superstores’ 2022 net profit up 10% to SAR 22.8 mln; Q4 at SAR 6.8 mln

29/03/2023 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported net profit growth of 10% to SAR 22.8 million in 2022, compared to SAR 20.8 million in a year earlier period.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,651.40	1,798.68	8.9 %
Gross Income	486.87	516.59	6.1 %
Operating Income	54.04	68.70	27.1 %
Net Income	20.77	22.83	9.9 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.46	0.51	9.9 %

This profit rise was fueled by a SAR 147.3 million revenue increase year-on-year (YoY) on higher revenue from retail and entertainment segments.

This was offset by higher selling and distribution expenses and increased general and administrative expenses, amounting to SAR 15.1 million.

Q4 2022 net earnings dropped 21% to SAR 6.75 million, from SAR 8.50 million in the year-earlier period.

On a quarterly basis, net profit jumped 49% from SAR 4.52 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	421.96	477.00	13.0 %
Gross Income	129.53	137.77	6.4 %
Operating Income	16.62	26.19	57.6 %
Net Income	8.50	6.75	(20.6 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.19	0.15	(20.6 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	430.48	477.00	10.8 %
Gross Income	129.57	137.77	6.3 %
Operating Income	13.66	26.19	91.7 %
Net Income	4.52	6.75	49.3 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.10	0.15	49.3 %

Total shareholders’ equity, excluding minority interest, stood at SAR 658.91 million by Dec. 31, 2022, compared to SAR 634.95 million a year earlier.

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