Saudi Marketing Co. (Farm Superstores) reported an 8% drop in Q1 2024 net profit to SAR 6.9 million, from SAR 7.4 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 479.94 | 476.87 | (0.6 %) |
| Gross Income | 136.89 | 140.62 | 2.7 % |
| Operating Income | 20.46 | 20.67 | 1.0 % |
| Net Income | 7.45 | 6.85 | (8.0 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.17 | 0.15 | (8.0 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 454.99 | 476.87 | 4.8 % |
| Gross Income | 137.51 | 140.62 | 2.3 % |
| Operating Income | 20.98 | 20.67 | (1.5 %) |
| Net Income | 3.07 | 6.85 | 123.0 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.07 | 0.15 | 123.0 % |
The annual profit decline was attributed to higher gross operating expenses. This came amid the YoY decrease in Q1 2024 revenues by SAR 3.1 million, given the YoY drop in revenues from the Farm Superstores branches for the current quarter.
The three-month net profit more than doubled from SAR 3.07 million in Q4 2023, despite the gross operating expenses soaring by SAR 3.4 million on a quarterly basis.
Shareholders’ equity, after minority interest, rose to SAR 667.58 million as of March 31, 2024, from SAR 666.39 million in the year-earlier period.
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