Farm Superstores net profit rises 45% to SAR 6.2 mln in Q1 2022

Farm Superstores net profit rises 45% to SAR 6.2 mln in Q1 2022

23/05/2022 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a net profit after Zakat and tax of SAR 6.2 million in Q1 2022, up 45% from SAR 4.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 417.46 438.79 5.1 %
Gross Income 117.47 121.36 3.3 %
Operating Income 12.77 13.31 4.2 %
Net Income 4.26 6.17 44.9 %
Average Shares 45.00 45.00 -
EPS (Riyals) 0.09 0.14 44.9 %

The profit growth was attributed to higher revenue, which was driven by an increase in retail and entertainment segments revenue. In addition, non-operating costs and expenses declined year-on-year.

 

When compared to the previous quarter, Q1 2022 net profit after Zakat and tax slumped 27.4%.

 

Shareholders’ equity, after minority interest, increased to SAR 641.139 million as of March 31, 2022, from SAR 619.092 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 391.22 14.3 % 87.02 35.9 % 24.68 30.9 % 0.55
Q2 2013 397.65 13.6 % 89.20 13.9 % 21.38 14.0 % 0.48
Q3 2013 413.71 7.7 % 89.95 6.8 % 22.21 (5.6 %) 0.49
Q4 2013 423.76 1.1 % 87.89 21.0 % 26.87 52.4 % 0.60
Q1 2014 405.04 3.5 % 93.24 7.2 % 27.54 11.6 % 0.61
Q2 2014 475.21 19.5 % 103.31 15.8 % 29.13 36.2 % 0.65
Q3 2014 409.88 (0.9 %) 103.87 15.5 % 24.70 11.2 % 0.55
Q4 2014 450.89 6.4 % 102.85 17.0 % 23.11 (14.0 %) 0.51
Q1 2015 455.49 12.5 % 104.58 12.2 % 29.08 5.6 % 0.65
Q2 2015 513.81 8.1 % 123.00 19.1 % 32.83 12.7 % 0.73
Q3 2015 448.70 9.5 % 120.48 16.0 % 28.95 17.2 % 0.64
Q4 2015 474.32 5.2 % 108.13 5.1 % 16.28 (29.5 %) 0.36
Q1 2016 482.23 5.9 % 112.15 7.2 % 25.45 (12.5 %) 0.57
Q2 2016 524.82 2.1 % 130.10 5.8 % 27.17 (17.2 %) 0.60
Q3 2016 433.06 (3.5 %) 120.16 (0.3 %) 23.19 (19.9 %) 0.52
Q4 2016 490.53 3.4 % 102.79 (4.9 %) 16.84 3.4 % 0.37
Q1 2017 491.47 1.9 % 127.34 13.5 % 22.53 (11.5 %) 0.50
Q2 2017 516.42 (1.6 %) 127.70 (1.8 %) 20.35 (25.1 %) 0.45
Q3 2017 419.50 (3.1 %) 114.68 (4.6 %) 7.21 (68.9 %) 0.16
Q4 2017 178.50 (63.6 %) 72.65 (29.3 %) (43.36) (357.4 %) (0.96)
Q1 2018 374.45 (23.8 %) 113.05 (11.2 %) 13.68 (39.3 %) 0.30
Q2 2018 400.89 (22.4 %) 93.72 (26.6 %) (11.27) (155.4 %) (0.25)
Q3 2018 382.67 (8.8 %) 111.73 (2.6 %) 3.54 (50.9 %) 0.08
Q4 2018 405.90 127.4 % 124.47 71.3 % (2.17) 95.0 % (0.05)
Q1 2019 389.42 4.0 % 116.62 3.1 % (2.60) (119.0 %) (0.06)
Q2 2019 402.51 0.4 % 115.51 23.3 % 3.78 133.5 % 0.08
Q3 2019 381.24 (0.4 %) 118.84 6.4 % 4.54 28.3 % 0.10
Q4 2019 407.75 0.5 % 123.37 (0.9 %) 4.55 309.9 % 0.10
Q1 2020 462.08 18.7 % 119.36 2.4 % 8.12 412.1 % 0.18
Q2 2020 566.40 40.7 % 132.04 14.3 % 19.19 408.3 % 0.43
Q3 2020 409.30 7.4 % 116.73 (1.8 %) 7.41 63.3 % 0.16
Q4 2020 425.50 4.4 % 113.07 (8.4 %) 4.05 (11.0 %) 0.09
Q1 2021 417.46 (9.7 %) 117.47 (1.6 %) 4.26 (47.5 %) 0.09
Q2 2021 417.05 (26.4 %) 119.47 (9.5 %) 4.52 (76.5 %) 0.10
Q3 2021 394.94 (3.5 %) 120.41 3.2 % 3.50 (52.8 %) 0.08
Q4 2021 421.96 (0.8 %) 129.53 14.6 % 8.50 110.0 % 0.19
Q1 2022 438.79 5.1 % 121.36 3.3 % 6.17 44.9 % 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 20.86 % 6.92 % 5.48 %
Q2 2013 20.92 % 6.91 % 5.48 %
Q3 2013 20.89 % 6.70 % 5.30 %
Q4 2013 21.77 % 7.62 % 5.85 %
Q1 2014 21.97 % 7.70 % 5.98 %
Q2 2014 21.80 % 7.85 % 6.16 %
Q3 2014 22.66 % 8.26 % 6.32 %
Q4 2014 23.16 % 8.27 % 6.00 %
Q1 2015 23.14 % 8.40 % 5.92 %
Q2 2015 23.73 % 8.60 % 6.00 %
Q3 2015 24.13 % 9.07 % 6.29 %
Q4 2015 24.11 % 8.39 % 5.81 %
Q1 2016 24.17 % 8.14 % 5.54 %
Q2 2016 24.40 % 7.86 % 5.21 %
Q3 2016 24.58 % 7.47 % 4.76 %
Q4 2016 24.10 % 7.68 % 4.80 %
Q1 2017 24.76 % 7.56 % 4.63 %
Q2 2017 24.75 % 7.44 % 4.29 %
Q3 2017 24.64 % 6.76 % 3.49 %
Q4 2017 27.55 % 9.61 % 2.98 %
Q1 2018 28.75 % 9.43 % 2.62 %
Q2 2018 28.70 % 7.25 % 0.54 %
Q3 2018 29.27 % 6.81 % 0.28 %
Q4 2018 28.32 % 4.11 % 0.00 %
Q1 2019 28.28 % 5.12 % (1.03 %)
Q2 2019 29.63 % 8.06 % (0.08 %)
Q3 2019 30.11 % 9.99 % (0.02 %)
Q4 2019 30.00 % 11.41 % 0.65 %
Q1 2020 28.85 % 11.40 % 1.27 %
Q2 2020 27.16 % 11.23 % 2.00 %
Q3 2020 26.63 % 11.09 % 2.13 %
Q4 2020 25.83 % 10.20 % 2.08 %
Q1 2021 26.35 % 10.07 % 1.92 %
Q2 2021 27.96 % 10.18 % 1.21 %
Q3 2021 28.42 % 9.91 % 0.99 %
Q4 2021 29.48 % 10.35 % 1.26 %
Q1 2022 29.34 % 10.26 % 1.36 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 45.00 1.88 1.88 8.43
Q2 2013 45.00 1.94 1.94 8.90
Q3 2013 45.00 1.91 1.91 9.40
Q4 2013 45.00 2.11 2.11 8.72
Q1 2014 45.00 2.18 2.18 9.33
Q2 2014 45.00 2.35 2.35 9.97
Q3 2014 45.00 2.41 2.41 10.52
Q4 2014 45.00 2.32 2.32 11.04
Q1 2015 45.00 2.36 2.36 11.68
Q2 2015 45.00 2.44 2.44 11.25
Q3 2015 45.00 2.53 2.61 11.89
Q4 2015 45.00 2.38 2.44 12.22
Q1 2016 45.00 2.30 2.36 12.63
Q2 2016 45.00 2.17 2.24 13.24
Q3 2016 45.00 2.05 2.03 13.75
Q4 2016 45.00 2.06 2.06 14.09
Q1 2017 45.00 1.99 1.99 14.59
Q2 2017 45.00 1.84 1.84 14.04
Q3 2017 45.00 1.49 1.49 14.20
Q4 2017 45.00 0.15 1.06 13.19
Q1 2018 45.00 (0.05) 0.87 14.68
Q2 2018 45.00 (0.75) 0.16 13.67
Q3 2018 45.00 (0.83) 0.08 13.74
Q4 2018 45.00 0.08 0.00 12.63
Q1 2019 45.00 (0.28) (0.36) 12.58
Q2 2019 45.00 0.06 (0.03) 12.66
Q3 2019 45.00 0.08 (0.01) 12.76
Q4 2019 45.00 0.23 0.23 12.82
Q1 2020 45.00 0.47 0.47 13.00
Q2 2020 45.00 0.81 0.81 13.43
Q3 2020 45.00 0.87 0.87 13.59
Q4 2020 45.00 0.86 0.86 13.66
Q1 2021 45.00 0.78 0.78 13.76
Q2 2021 45.00 0.45 0.45 13.86
Q3 2021 45.00 0.36 0.36 13.94
Q4 2021 45.00 0.46 0.46 14.11
Q1 2022 45.00 0.50 0.50 14.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 22.00 22.00 5.14
Q2 2014 27.20 27.20 6.41
Q3 2014 30.58 30.58 6.99
Q4 2014 27.42 27.42 5.77
Q1 2015 24.69 24.69 4.98
Q2 2015 24.25 24.25 5.26
Q3 2015 20.03 19.40 4.27
Q4 2015 20.10 19.60 3.92
Q1 2016 16.72 16.29 3.04
Q2 2016 19.46 18.92 3.20
Q3 2016 10.94 11.05 1.63
Q4 2016 15.51 15.51 2.27
Q1 2017 15.43 15.43 2.11
Q2 2017 15.44 15.44 2.03
Q3 2017 18.19 18.19 1.90
Q4 2017 More than 100 22.04 1.78
Q1 2018 NEG 26.44 1.56
Q2 2018 NEG More than 100 1.59
Q3 2018 NEG More than 100 1.26
Q4 2018 More than 100 NEG 1.29
Q1 2019 NEG NEG 1.43
Q2 2019 More than 100 NEG 1.23
Q3 2019 More than 100 NEG 1.22
Q4 2019 70.10 70.10 1.25
Q1 2020 35.14 35.14 1.26
Q2 2020 27.50 27.50 1.66
Q3 2020 34.38 34.38 2.21
Q4 2020 37.26 37.26 2.35
Q1 2021 47.57 47.57 2.68
Q2 2021 87.39 87.39 2.84
Q3 2021 98.56 98.56 2.57
Q4 2021 62.39 62.39 2.04
Q1 2022 55.54 55.54 1.97

Business Segments (Million)

Compared With The
Period Retail sector Home appliances Hospitality and Leisure
Q1 2018 361.66 2.60 10.19
Q2 2018 386.56 3.26 11.07
Q3 2018 369.39 2.56 10.71
Q4 2018 394.22 2.42 9.26
Q1 2019 375.00 5.39 9.03
Q2 2019 387.69 4.86 9.96
Q3 2019 368.52 2.34 10.39
Q4 2019 397.04 2.37 8.33
Q1 2020 453.22 2.29 6.58
Q2 2020 563.98 2.35 0.06
Q3 2020 403.32 1.29 4.68
Q4 2020 415.29 2.84 7.37
Q1 2021 409.21 3.03 5.22
Q2 2021 406.70 1.98 8.37
Q3 2021 382.22 1.44 11.27
Q4 2021 407.90 2.90 11.16
Q1 2022 423.28 2.87 12.64


Financial Ratios
Current
Market Cap (M Riyal) 1,017.90
Enterprise Value (EV) (M) 1,527.67
Shares Outstanding ((M)) 45.00
EPS ( Riyal) (TTM) 0.47
Book Value (BV) ( Riyal) 14.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 43.88
P/E (TTM) 48.02
Price/book 1.52
Return on Average Assets (%) (TTM) 0.9
Return on Average Equity (%) (TTM) 3.2
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Share Price

Saudi Marketing Co.
22.62
(0.30) (1.31 %)

Saudi Marketing Co. (FARM SUPERSTORES)

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