Financial Results : Farm Superstores net profit rises 45% to SAR 6.2 mln in Q1 2022

Farm Superstores net profit rises 45% to SAR 6.2 mln in Q1 2022

23/05/2022 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a net profit after Zakat and tax of SAR 6.2 million in Q1 2022, up 45% from SAR 4.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 417.46 438.79 5.1 %
Gross Income 117.47 121.36 3.3 %
Operating Income 12.77 13.31 4.2 %
Net Income 4.26 6.17 44.9 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.09 0.14 44.9 %

The profit growth was attributed to higher revenue, which was driven by an increase in retail and entertainment segments revenue. In addition, non-operating costs and expenses declined year-on-year.

 

When compared to the previous quarter, Q1 2022 net profit after Zakat and tax slumped 27.4%.

 

Shareholders’ equity, after minority interest, increased to SAR 641.139 million as of March 31, 2022, from SAR 619.092 million a year earlier.

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