Financial Results : Farm Superstores Q1 2023 profit rises 21% to SAR 7.5 mln

Farm Superstores Q1 2023 profit rises 21% to SAR 7.5 mln

22/05/2023 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a 21% leap in Q1 2023 net profit to SAR 7.45 million, from SAR 6.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 438.79 479.94 9.4 %
Gross Income 121.36 136.89 12.8 %
Operating Income 13.31 20.46 53.7 %
Net Income 6.17 7.45 20.6 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.14 0.17 20.6 %

The higher profit was buoyed by an increase of SAR 41.1 million year-on-year (YoY) in revenues, due to better retail and entertainment revenues in the current quarter compared to Q1 2022.

 

On the other hand, the first-quarter operating expenses increased by SAR 8.4 million YoY, while rental income decreased by SAR 0.3 million.

 

The three-month net profit grew 10.3% from SAR 6.75 million in Q4 2022.

 

Shareholders’ equity, after minority interest, rose to SAR 666.4 million as of March 31, 2023, from SAR 641.1 million in the year-earlier period.

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