Farm Superstores 9M 2023 profit jumps 16% to SAR 18.7 mln; Q3 at SAR 4.9 mln

08/11/2023 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a rise of 16% in net profit to SAR 18.7 million in the first nine months of 2023 from SAR 16.1 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,321.68	1,358.42	2.8 %
Gross Income	378.82	409.77	8.2 %
Operating Income	42.51	56.56	33.0 %
Net Income	16.08	18.72	16.5 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.36	0.42	16.5 %

The nine-month revenue grew by SAR 36.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	430.48	429.26	(0.3 %)
Gross Income	129.57	138.64	7.0 %
Operating Income	13.66	17.08	25.0 %
Net Income	4.52	4.89	8.1 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.10	0.11	8.1 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	449.22	429.26	(4.4 %)
Gross Income	134.24	138.64	3.3 %
Operating Income	19.01	17.08	(10.2 %)
Net Income	6.39	4.89	(23.5 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.14	0.11	(23.5 %)

In Q3 2023, the company recorded a net profit of SAR 4.9 million, an increase of 8% from SAR 4.5 million in the year-earlier period.

The third-quarter bottom line fell by 23.5% from SAR 6.3 million in Q2 2023 as revenue decreased by SAR 20 million due to the summer vacation.

Total shareholders’ equity, after minority interest, stood at SAR 655.17 million as of Sept. 30, 2023, up from SAR 650.89 million in the prior-year period.

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