Riyadh – Mubasher: Saudi Marketing Co, known as Farm Superstores, on Sunday reported a 43.78% year-on-year decline in net profit during the full-year 2018.

Farm Superstores posted SAR 3.78 million ($1.01 million) in profits, after zakat and taxes, last year, compared to SAR 6.73 million ($1.79 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The 2018 profit retreat was ascribed to a SAR 42 million drop in revenues and the SAR 38.3 million increase in sales, distribution, general, and administrative expenses after increasing the number of the company’s branches by 10 new ones, along with an increase in governmental expenses.

The company also attributed the net profit decline to account settlements worth SAR 52.4 million.

During the first nine months of 2018, the Saudi firm’s profits plunged 93% to SAR 3.5 million from SAR 50.08 million in the year-ago period.

By 12:34 pm Saudi time, Farm Superstores’ stock levelled down 2.97% to SAR 17.62.