Riyadh - Mubasher: Saudi Marketing Company (Farm Supermarkets) posted a 16.7% increase in net profits for 2024, according to its preliminary financial results.

The company stated in a statement on Thursday on the Saudi Stock Exchange (Tadawul) that net profit after zakat and tax amounted to approximately SAR 25.43 million, compared to SAR 21.8 million in 2023.

The company attributed the increase in net profit last year to an increase in revenues for the current year compared to the previous year by an amount of 21.8 million riyals, as a result of the increase in revenues from the entertainment cities sector and revenues from the farm markets branches for the current year compared to the previous year, in addition to an increase in total profit for the current year compared to the previous year by an amount of 36.3 million riyals, noting that the total operating expenses for the current year increased compared to the previous year by an amount of 11.7 million riyals.

Sales increased by about 1.2%, reaching approximately 1.83 million riyals, compared to 1.81 million riyals in 2023.

The company added that the increase in revenues is a result of increased revenues from the entertainment cities sector and the revenues of the Farm Supermarket branches for the current year compared to the previous year.