The financial statements of the Saudi Marketing Company (Farm Markets) showed the company's shift to profitability during the first quarter of this year compared to the same period in 2019.
According to the results of the company for the Saudi market (Tadawul), the profits for the period amounted to 8.12 million riyals, compared to the losses for the first quarter of last year amounting to 2.6 million riyals.
The company said in the statement that the shift to profitability during comparison periods is due to higher revenues of 72.7 million riyals, and a decrease in selling and distribution expenses, general and administrative expenses and consumption of 5.6 million riyals .
She explained that among the reasons for the positive shift in the results is that the net costs and non-operating burdens charged to the first quarter profits amounted to 11 million riyals, compared to the amount of 13.3 million riyals, which represents net Non-operating costs and charges charged for the corresponding quarter last year.
The company achieved revenues of 462.08 million riyals in the first quarter of this year, compared with 389.42 million riyals for the same period in 2019, an increase of 18.7%.
