Riyadh – Mubasher: Saudi Marketing’s (Farm Superstores) net profits fell 17.24% to SAR 27.17 million ($7.2 million) in the second quarter of 2016 from SAR 32.8 million ($8.7 million) in the same quarter of 2015.
Revenues rose 2.14% to SAR 524.8 million in Q2-16 compared to SAR 513.8 in Q2-15, however total earnings were down 7.19% year-on-year to SAR 114.2 million in Q2-16 from SAR 123 million, according to a bourse filing on Tuesday.
The company attributed the decrease in the total earnings to the decline in sales by its subsidiaries, added to higher costs and non-operating and financial expenses.
The Saudi-listed company’s profits also declined15% to SAR 52.6 million in the first six months of 2016 from SAR 61.9 million in the year-ago period.
