Farm Superstores 9M 2024 profit jumps to SAR 20.5M; Q3 at SAR 7.1M

10/11/2024 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a rise in net profit to SAR 20.5 million in the first nine months of 2024 from SAR 18.7 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,358.42	1,366.08	0.6 %
Gross Income	409.77	431.64	5.3 %
Operating Income	68.94	83.97	21.8 %
Net Income	18.72	20.47	9.3 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.42	0.45	9.3 %

During the period, revenues rose by SAR 7.7 million year-on-year (YoY), driven by growth in the entertainment segment and increased revenue from Farm Superstores branches.

In addition, gross profit for the current period grew by SAR 21.9 million YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	429.26	449.15	4.6 %
Gross Income	138.64	145.08	4.6 %
Operating Income	21.88	27.27	24.7 %
Net Income	4.89	7.09	45.0 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.11	0.16	45.0 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	440.06	449.15	2.1 %
Gross Income	145.94	145.08	(0.6 %)
Operating Income	32.46	27.27	(16.0 %)
Net Income	6.53	7.09	8.6 %
Average Shares	45.00	45.00	-
EPS (Riyals)	0.15	0.16	8.6 %

In Q3 2024, the company recorded a net profit of SAR 7.1 million, an increase of 45% from SAR 4.9 million in the year-earlier period.

The third-quarter bottom line rose by 8.6% from SAR 6.53 million in Q2 2024.

Total shareholders’ equity, after minority interest, stood at SAR 681.26 million as of Sept. 30, 2024, up from SAR 655.17 million in the prior-year period.

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