Riyadh – Mubasher: Saudi Marketing Co. (Farm Superstores) said Wednesday its financial results for the fourth quarter of 2015 showed a 16% drop to SAR 19.3 million, from SAR 23 million reported in the same period a year ago.
Meanwhile, FY15 net profit amounted to SAR 110 million, a rise of 5.5% year-on-year from SAR 104.5 million.
The profit decline in the fourth quarter was ascribed by the company to an increase in sales and distribution expenses, as well as a rise in general and administrative expenses.
The profit rise in FY15 was boosted by stronger sales that rose by 7% to SAR 1.649 billion.
