Farm Superstores profit accelerates 20% to SAR 13.8 mln in H1 2023; Q2 at SAR 6.4 mln

10/08/2023 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) posted a net profit of SAR 13.8 million in H1 2023, 20% up from SAR 11.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	891.20	929.16	4.3 %
Gross Income	249.25	271.13	8.8 %
Operating Income	28.86	39.48	36.8 %
Net Income	11.55	13.83	19.7 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.26	0.31	19.7 %

The positive performance was driven by a SAR 38 million increase in revenues, due to higher revenues from existing branches and the entertainment segment.

The company noted that operating expenses for the current period grew by SAR 11.3 million, compared to the same period of the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	452.41	449.22	(0.7 %)
Gross Income	127.89	134.24	5.0 %
Operating Income	15.54	19.01	22.3 %
Net Income	5.38	6.39	18.7 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.12	0.14	18.7 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	479.94	449.22	(6.4 %)
Gross Income	136.89	134.24	(1.9 %)
Operating Income	20.46	19.01	(7.1 %)
Net Income	7.45	6.39	(14.2 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.17	0.14	(14.2 %)

In Q2 2023, the company reported an 18.7% rise in profit to SAR 6.39 million from SAR 5.38 million in Q2 2022. This was spurred by an increase in the entertainment segment revenue and better control of the cost of revenues.

Sequentially, net profit fell 14.2% from SAR 7.45 million in Q1 2023, attributed to lower revenues affected by the decline in branches revenue.

Shareholders’ equity, excluding minority interest, stood at SAR 650.33 million as of June 30, 2023, compared to SAR 646.39 million a year earlier.

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