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

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 56.56 72.29 27.8 %
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 17.08 23.13 35.4 %
Net Income 4.89 7.09 45.1 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.11 0.16 45.1 %

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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