Farm Superstores profits up 45% to SR6 mln in 1Q

Saudi Marketing Company (Farm Superstores) announced that its profits after zakat and tax declined 45% to SR 6 million in the first quarter of 2022 compared to 4 million during the same period of 2021.

This came after Farm Superstores announcement on Monday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit rose 4% to SR 13.3 million in the 1^st quarter of the current year from SR 13 million in the same period of the previous year.

Gross Profits of Farm Superstores climbed 3% to SR 121 million in the first quarter of this year from SR 117 million a year ago, while the profit per share advanced to SR 0.14 from SR 0.09.

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

– Increase in the revenue for the current quarter compared to the same quarter of the previous year amounting to SR 21.3 million due to the increase in the retail revenue of farm superstores compared to the same quarter of the previous year, in addition to the increase in the revenue of the entertainment segment which has a high profit margin for the current quarter compared to 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 7.1 million compared to SR 8.5 million, which represents the net non-operating costs and expenses charged to the profits of the same quarter of the previous year.

Additional Information:

– The net of non-operating costs and expenses charged to the profits of the current quarter amounted to SR 7.1 million compared to SR 8.1 million, which represents the net non-operating costs and expenses charged to the profits of the previous quarter.