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Saudi Market incurs SAR 12m loss in Q2

Saudi Market incurs SAR 12m loss in Q2
The firm attributed the negative turn in its financials a drop in revenues
FARM SUPERSTORES
4006
38.78% 27.70 7.74

CoRiyadh – Mubasher: Saudi Market Company (Farm Superstores Co) on Wednesday reported turning to loss during the second quarter of 2018, against generating profits in the prior year period.

Farm Superstores’ net loss amounted to SAR 11.86 million in Q2-18, against a profit of SAR 20.35 million during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the negative turn in its financials a drop in revenues by SAR 35 million, reaching SAR 481.4 million in Q2-18, from SAR 516.4 million in the year-ago period.

Farm Superstores Co’s profits plunged 99.4% to SAR 264,000 during the first six months of 2018, from SAR 42.87 million in H1-17.

Revenues fell 7.37% to SAR 934 million in H1-18, compared to SAR 1 billion from January to June 2017.

The stock inched down 0.49% to close Wednesday’s trading session at SAR 20.50.