Farm Superstores Profits Fell to SR3.5 mln during the 3Q, down 53%

Saudi Marketing Company (Farm Superstores) net profit after zakat and tax decreased by SR3.49 million during the third quarter, compared to SR7.4 million during the same quarter of the previous year, by 52.83%.

This came after Saudi Marketing Company (Farm Superstores) announced its interim financial results for the period ending on 2021-09-30 (nine months)

The operational profit amounted to SR10.26 million during the third quarter, compared to SR16.04 million during the same quarter of the previous year, a decrease of 36%.

The gross profit amounted to SR120.4 million during the third quarter, compared to SR116.73 million during the same quarter of the previous year, an increase of 3.15%.

The net profit after zakat and tax during the current period amounted to SR12.27 million, compared to SR34.72 million during the same period of the previous year, a decline of 64.64%.

Profits per share during the current period amounted to SR0.27 riyals, compared to SR0.77 during the same period of the previous year.

The reason of decrease in the net profit during the current quarter compared to the same quarter of the previous year is as follows:

– Decrease in revenues for the current quarter compared to the same quarter of the previous year amounting to SR 14.4 million, however gross profit has been increased by SR 3.7 million for the current quarter compared to the same quarter of the previous year due to increase in revenue for the entertainment segment with a high profit margin.

– Increase in selling and distribution expenses and general and administrative expenses inclusive of depreciation by SR 9.5 million for the current quarter compared to the same quarter of the previous year.

The reason of decrease in the net profit during the current quarter compared to the previous quarter is as follows:

– Decrease in revenues for the current quarter compared to the previous quarter amounting to SR 22.1 million, however gross profit has been increased by SR 0.9 million for the current quarter compared to the previous quarter due to increase in revenue for the entertainment segment with a high profit margin.

– Increase in selling and distribution expenses and general and administrative expenses inclusive of depreciation for the current quarter compared to the previous quarter increased by SR 5.1 million.

The reason of decrease in the net profit during the current period compared to the same period of the previous year is as follows:

– Decrease in revenues for the current period compared to the same period of the previous year amounting to SR 208.3 million due to the impact of high revenue in same period of the previous year due to closures related to corona pandemic.

– Increase in selling and distribution expenses and general and administrative expenses inclusive of depreciation by SR 14.9 million for the current period compared to the same period of the previous year.

Certain comparative figures have been reclassified to conform to the current period presentation.

– The net of non-operating costs and expenses charged to the profits of the current quarter amounted to SR 6.8 million compared to SR 8.6 million, which represents the net non-operating costs and expenses charged to the profits of the same quarter of the previous year.

– The net of non-operating costs and expenses charged to the profits of the current quarter amounted to SR 6.8 million compared to SR 9.9 million, which represents the net non-operating costs and expenses charged to the profits of the previous quarter.

– The net of non-operating costs and expenses charged to the profits of the current period amounted to SR 25.1 million compared to SR 28.4 million, which represents the net non-operating costs and expenses charged to the profits of the same period of the previous year.