Farm Superstores 9M 2022 profit jumps 31% to SAR 16.1 mln; Q3 at SAR 4.5 mln

09/11/2022 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a leap of 31% in net profit after Zakat and tax to SAR 16.1 million for the first nine months of 2022, from SAR 12.3 million in the year-earlier period, thanks to higher revenue.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,229.44	1,321.68	7.5 %
Gross Income	357.34	378.82	6.0 %
Operating Income	37.42	42.51	13.6 %
Net Income	12.28	16.08	30.9 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.27	0.36	30.9 %

The retailer reported an increase in revenue from the high-margin entertainment segment for the current period compared to the first nine months of 2021. The higher profit came despite a year-on-year (YoY) increase of SAR 18.3 million in selling and distribution expenses.

In Q3 2022, net profit after Zakat and tax climbed 29% to SAR 4.5 million, from SAR 3.50 million a year earlier. Revenue grew by SAR 35.5 million YoY. Further, Farm Superstores recorded better revenue from the high-margin entertainment segment despite increased selling and distribution expenses.

Compared to Q2 2022, net profit dropped 16% from SAR 5.38 million hit by a decline of SAR 21.9 million in revenue due to summer vacations.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	394.94	430.48	9.0 %
Gross Income	120.41	129.57	7.6 %
Operating Income	10.27	13.66	33.1 %
Net Income	3.50	4.52	29.3 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.08	0.10	29.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	452.41	430.48	(4.8 %)
Gross Income	127.89	129.57	1.3 %
Operating Income	15.54	13.66	(12.1 %)
Net Income	5.38	4.52	(16.0 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.12	0.10	(16.0 %)

Total shareholders’ equity, after minority interest, rose to SAR 650.893 million by the end of the nine-month period, from SAR 627.184 million a year earlier.

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