Farm Superstores 2023 profit down 5% to SAR 21.8M; Q4 at SAR 3.1M

28/03/2024 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported a net profit decline of 5% to SAR 21.8 million in 2023, compared to SAR 22.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,798.68	1,813.41	0.8 %
Gross Income	516.59	547.28	5.9 %
Operating Income	68.70	77.53	12.9 %
Net Income	22.83	21.79	(4.5 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.51	0.48	(4.5 %)

The profit decline was due to a rise of SAR 21.8 million in total operating expenses compared to the previous year and higher financing costs on a rise in borrowing rates.

However, gross profit increased by SAR 30.7 million.

Net of non-operating costs and expenses charged to the profits of 2023 amounted to SAR 65.6 million compared to SAR 57.2 million a year before.

Revenues grew by SAR 14.7 million due to an increase in revenues of the entertainment segment.

Q4 2023 net earnings dropped 55% to SAR 3.1 million, from SAR 6.75 million in the year-earlier period.

On a quarterly basis, net profit fell 37.1% from SAR 4.89 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	477.00	454.99	(4.6 %)
Gross Income	137.77	137.51	(0.2 %)
Operating Income	26.19	20.98	(19.9 %)
Net Income	6.75	3.07	(54.5 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.15	0.07	(54.5 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	429.26	454.99	6.0 %
Gross Income	138.64	137.51	(0.8 %)
Operating Income	17.08	20.98	22.8 %
Net Income	4.89	3.07	(37.1 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.11	0.07	(37.1 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 660.58 million by Dec. 31, 2023, compared to SAR 658.91 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	1,740.72	7.0 %	402.98	13.8 %	104.48	9.8 %	2.32
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
2015	1,892.32	8.7 %	456.19	13.2 %	107.15	2.6 %	2.38
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
2016	1,676.99	(11.4 %)	493.08	8.1 %	91.62	(14.5 %)	2.04
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)
2017	1,605.88	(4.2 %)	442.87	(10.2 %)	6.73	(92.7 %)	0.15
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)
2018	1,563.91	(2.6 %)	442.96	0.0 %	3.78	(43.8 %)	0.08
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
2019	1,580.93	1.1 %	474.34	7.1 %	10.26	171.3 %	0.23
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
2020	1,863.27	17.9 %	481.19	1.4 %	38.76	277.9 %	0.86
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
2021	1,651.40	(11.4 %)	486.87	1.2 %	20.77	(46.4 %)	0.46
Q1 2022	438.79	5.1 %	121.36	3.3 %	6.17	44.9 %	0.14
Q2 2022	452.41	8.5 %	127.89	7.1 %	5.38	19.1 %	0.12
Q3 2022	430.48	9.0 %	129.57	7.6 %	4.52	29.3 %	0.10
Q4 2022	477.00	13.0 %	137.77	6.4 %	6.75	(20.6 %)	0.15
2022	1,798.68	8.9 %	516.59	6.1 %	22.83	9.9 %	0.51
Q1 2023	479.94	9.4 %	136.89	12.8 %	7.45	20.6 %	0.17
Q2 2023	449.22	(0.7 %)	134.24	5.0 %	6.39	18.7 %	0.14
Q3 2023	429.26	(0.3 %)	138.64	7.0 %	4.89	8.1 %	0.11
Q4 2023	454.99	(4.6 %)	137.51	(0.2 %)	3.07	(54.5 %)	0.07
2023	1,813.41	0.8 %	547.28	5.9 %	21.79	(4.5 %)	0.48

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	1,740.72	7.0 %	402.98	13.8 %	104.48	9.8 %	2.32
2015	1,892.32	8.7 %	456.19	13.2 %	107.15	2.6 %	2.38
2016	1,676.99	(11.4 %)	493.08	8.1 %	91.62	(14.5 %)	2.04
2017	1,605.88	(4.2 %)	442.87	(10.2 %)	6.73	(92.7 %)	0.15
2018	1,563.91	(2.6 %)	442.96	0.0 %	3.78	(43.8 %)	0.08
2019	1,580.93	1.1 %	474.34	7.1 %	10.26	171.3 %	0.23
2020	1,863.27	17.9 %	481.19	1.4 %	38.76	277.9 %	0.86
2021	1,651.40	(11.4 %)	486.87	1.2 %	20.77	(46.4 %)	0.46
2022	1,798.68	8.9 %	516.59	6.1 %	22.83	9.9 %	0.51
2023	1,813.41	0.8 %	547.28	5.9 %	21.79	(4.5 %)	0.48

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	23.15 %	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 %
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 %
2016	29.40 %	8.78 %	5.46 %
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 %
2017	27.58 %	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 %
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 %
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 %
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 %
2021	29.48 %	10.35 %	1.26 %
Q1 2022	29.34 %	10.26 %	1.36 %
Q2 2022	29.23 %	10.08 %	1.38 %
Q3 2022	29.16 %	10.08 %	1.41 %
Q4 2022	28.72 %	10.56 %	1.27 %
2022	28.72 %	10.56 %	1.27 %
Q1 2023	28.92 %	10.81 %	1.31 %
Q2 2023	29.32 %	11.11 %	1.37 %
Q3 2023	29.83 %	11.41 %	1.39 %
Q4 2023	30.18 %	11.45 %	1.20 %
2023	30.18 %	11.45 %	1.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	23.15 %	8.27 %	6.00 %
2015	24.11 %	8.39 %	5.81 %
2016	29.40 %	8.78 %	5.46 %
2017	27.58 %	9.61 %	2.98 %
2018	28.32 %	4.11 %	0.00 %
2019	30.00 %	11.41 %	0.65 %
2020	25.83 %	10.20 %	2.08 %
2021	29.48 %	10.35 %	1.26 %
2022	28.72 %	10.56 %	1.27 %
2023	30.18 %	11.45 %	1.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	23.02 %	8.82 %	6.80 %
Q2 2014	21.74 %	7.82 %	6.13 %
Q3 2014	25.34 %	8.45 %	6.03 %
Q4 2014	22.81 %	8.08 %	5.12 %
Q1 2015	22.96 %	9.26 %	6.38 %
Q2 2015	23.94 %	8.61 %	6.39 %
Q3 2015	26.85 %	10.39 %	7.27 %
Q4 2015	22.80 %	5.41 %	3.24 %
Q1 2016	23.26 %	8.22 %	5.28 %
Q2 2016	24.79 %	7.59 %	5.18 %
Q3 2016	27.75 %	8.73 %	5.35 %
Q4 2016	20.96 %	6.32 %	3.43 %
Q1 2017	25.91 %	7.74 %	4.58 %
Q2 2017	24.73 %	7.14 %	3.94 %
Q3 2017	27.34 %	5.66 %	1.72 %
Q4 2017	40.70 %	31.23 %	(1.24 %)
Q1 2018	30.19 %	6.43 %	3.65 %
Q2 2018	23.38 %	(1.01 %)	(2.81 %)
Q3 2018	29.20 %	3.99 %	0.92 %
Q4 2018	30.66 %	7.16 %	(1.47 %)
Q1 2019	29.95 %	10.43 %	(0.67 %)
Q2 2019	28.70 %	10.56 %	0.94 %
Q3 2019	31.17 %	11.97 %	1.19 %
Q4 2019	30.26 %	12.65 %	1.11 %
Q1 2020	25.83 %	10.58 %	1.76 %
Q2 2020	23.31 %	10.23 %	3.39 %
Q3 2020	28.52 %	11.31 %	1.81 %
Q4 2020	26.57 %	8.69 %	0.95 %
Q1 2021	28.14 %	10.07 %	1.02 %
Q2 2021	28.65 %	10.72 %	1.08 %
Q3 2021	30.49 %	10.20 %	0.89 %
Q4 2021	30.70 %	10.42 %	2.01 %
Q1 2022	27.66 %	9.71 %	1.41 %
Q2 2022	28.27 %	10.03 %	1.19 %
Q3 2022	30.10 %	10.19 %	1.05 %
Q4 2022	28.88 %	12.18 %	1.42 %
Q1 2023	28.52 %	10.74 %	1.55 %
Q2 2023	29.88 %	11.28 %	1.42 %
Q3 2023	32.30 %	11.46 %	1.14 %
Q4 2023	30.22 %	12.34 %	0.68 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2022	45.00	0.52	0.52	14.36
Q3 2022	45.00	0.55	0.55	14.46
Q4 2022	45.00	0.51	0.51	14.64
Q1 2023	45.00	0.54	0.54	14.81
Q2 2023	45.00	0.56	0.56	14.45
Q3 2023	45.00	0.57	0.57	14.56
Q4 2023	45.00	0.48	0.48	14.68

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	45.00	2.32	2.32	11.04
2015	45.00	2.38	2.44	12.22
2016	45.00	2.04	2.04	14.09
2017	45.00	0.15	1.06	13.19
2018	45.00	0.08	0.00	12.63
2019	45.00	0.23	0.23	12.82
2020	45.00	0.86	0.86	13.66
2021	45.00	0.46	0.46	14.11
2022	45.00	0.51	0.51	14.64
2023	45.00	0.48	0.48	14.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2022	40.70	40.70	1.48
Q3 2022	42.67	42.67	1.61
Q4 2022	35.88	35.88	1.24
Q1 2023	42.57	42.57	1.54
Q2 2023	50.19	50.19	1.94
Q3 2023	40.81	40.81	1.59
Q4 2023	46.88	46.88	1.55

Period	P/E	Adjusted P/E	Price/book
2014	27.42	27.42	5.77
2015	20.10	19.60	3.92
2016	15.68	15.68	2.27
2017	More than 100	22.04	1.78
2018	More than 100	NEG	1.29
2019	70.10	70.10	1.25
2020	37.26	37.26	2.35
2021	62.39	62.39	2.04
2022	35.88	35.88	1.24
2023	46.88	46.88	1.55

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
Q2 2022	435.91	2.35	14.15
Q3 2022	413.36	0.91	16.21
Q4 2022	458.12	1.70	17.19
Q1 2023	462.31	1.89	15.73
Q2 2023	426.10	1.42	21.70
Q3 2023	405.55	1.55	22.16
Q4 2023	436.87	1.61	16.50

Period	Retail sector	Home appliances	Hospitality and Leisure
2017	1,547.30	14.03	44.55
2018	1,511.83	10.85	41.24
2019	1,528.25	14.97	37.70
2020	1,835.81	8.76	18.70
2021	1,606.03	9.34	36.02
2022	1,730.67	7.82	60.19
2023	1,730.84	6.48	76.09

Financial Ratios

	Current
Market Cap (M Riyal)	1,013.40
Enterprise Value (EV) (M)	1,523.17
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)	43.69
P/E (TTM)	47.81
Price/book	1.52
Return on Average Assets (%) (TTM)	0.9
Return on Average Equity (%) (TTM)	3.2

Saudi Marketing Co. (FARM SUPERSTORES)

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Farm Superstores 2023 profit down 5% to SAR 21.8M; Q4 at SAR 3.1M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

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Farm Superstores 2023 profit down 5% to SAR 21.8M; Q4 at SAR 3.1M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

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Business Segments (Million)