Riyadh – Mubasher: Saudi Marketing Co, known as Farm Superstores on Wednesday reported a 36% year-on-year decline in its net profits during the full-year 2017, pressured by higher expenses.
Farm Superstores’ net profits dropped to SAR 59.13 million last year, down from SAR 91.62 million in 2016, according to a bourse filing.
The Saudi Arabia-listed firm attributed the drop in the annual net profits to a rise in sales' cost and administrative expenses by SAR 36.3 million after opening nine new branches.
Farm Superstores also ascribed the profit decrease to a decline in revenues, the statement showed.
The company's total revenues levelled down 1.7% to SAR 1.65 billion in 2017 versus SAR 1.68 billion in the previous year.
The stock shed 0.04%, to close Wednesday’s trading session at SAR 23.52.
