Saudi Marketing Co. (Farm Superstores) reported a rise of 32% in H1 2022 net profit after Zakat and tax to SAR 11.6 million, from SAR 8.8 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 834.50 | 891.20 | 6.8 % |
| Gross Income | 236.93 | 249.25 | 5.2 % |
| Operating Income | 27.15 | 28.86 | 6.3 % |
| Net Income | 8.78 | 11.55 | 31.6 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.20 | 0.26 | 31.6 % |
The company reported an increase of SAR 56.7 million year-on-year (YoY) in revenue, backed by higher retail revenue during the six-month period.
Revenue from the high-margin entertainment segment also went up, despite an increase of SAR 7.6 million YoY in selling and distribution expenses.
On the other hand, selling and distribution expenses for the current period increased by SAR 10.9 million YoY.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 417.05 | 452.41 | 8.5 % |
| Gross Income | 119.47 | 127.89 | 7.1 % |
| Operating Income | 14.38 | 15.54 | 8.1 % |
| Net Income | 4.52 | 5.38 | 19.1 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.10 | 0.12 | 19.1 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 438.79 | 452.41 | 3.1 % |
| Gross Income | 121.36 | 127.89 | 5.4 % |
| Operating Income | 13.31 | 15.54 | 16.8 % |
| Net Income | 6.17 | 5.38 | (12.8 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.14 | 0.12 | (12.8 %) |
In Q2 2022, the company’s net profit after Zakat and tax jumped 19% to SAR 5.4 million, from SAR 4.5 million in Q2 2021.
Farm Superstores’ net profit was down 12.8% from SAR 6.17 million in Q1 2022.
Total shareholders’ equity, after minority interest, rose to SAR 646.399 million by the end of the six-month period, from SAR 623.695 million a year earlier.
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