Farm Superstores earns SAR 13.4M in H1 2024; Q2 at SAR 6.5M

08/08/2024 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) posted SAR 13.4 million net profit for H1 2024, a decline of 3% year-on-year from SAR 13.8 million.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	929.16	916.93	(1.3 %)
Gross Income	271.13	286.56	5.7 %
Operating Income	39.48	49.16	24.5 %
Net Income	13.83	13.38	(3.3 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.31	0.30	(3.3 %)

Q2 2024 net profit rose 2% YoY to SAR 6.5 million.

The profit decline was attributed to lower revenues from the company's branches, coupled with a rise in net costs and non-operating expenses, the company said.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	449.22	440.06	(2.0 %)
Gross Income	134.24	145.94	8.7 %
Operating Income	19.01	28.49	49.8 %
Net Income	6.39	6.53	2.2 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.14	0.15	2.2 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	476.87	440.06	(7.7 %)
Gross Income	140.62	145.94	3.8 %
Operating Income	20.67	28.49	37.8 %
Net Income	6.85	6.53	(4.7 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.15	0.15	(4.7 %)

Shareholders' equity (after minority interest) amounted to SAR 674.1 million, compared to SAR 650.3 million in prior-year period.

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