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.
| 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.
| 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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