Farm Superstores 2023 profit down 5% to SAR 21.8M; Q4 at SAR 3.1M

28/03/2024 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a net profit decline of 5% to SAR 21.8 million in 2023, compared to SAR 22.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,798.68	1,813.41	0.8 %
Gross Income	516.59	547.28	5.9 %
Operating Income	68.70	77.53	12.9 %
Net Income	22.83	21.79	(4.5 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.51	0.48	(4.5 %)

The profit decline was due to a rise of SAR 21.8 million in total operating expenses compared to the previous year and higher financing costs on a rise in borrowing rates.

However, gross profit increased by SAR 30.7 million.

Net of non-operating costs and expenses charged to the profits of 2023 amounted to SAR 65.6 million compared to SAR 57.2 million a year before.

Revenues grew by SAR 14.7 million due to an increase in revenues of the entertainment segment.

Q4 2023 net earnings dropped 55% to SAR 3.1 million, from SAR 6.75 million in the year-earlier period.

On a quarterly basis, net profit fell 37.1% from SAR 4.89 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	477.00	454.99	(4.6 %)
Gross Income	137.77	137.51	(0.2 %)
Operating Income	26.19	20.98	(19.9 %)
Net Income	6.75	3.07	(54.5 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.15	0.07	(54.5 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	429.26	454.99	6.0 %
Gross Income	138.64	137.51	(0.8 %)
Operating Income	17.08	20.98	22.8 %
Net Income	4.89	3.07	(37.1 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.11	0.07	(37.1 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 660.58 million by Dec. 31, 2023, compared to SAR 658.91 million a year earlier.

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