Riyadh – Mubasher: Saudi Marketing Co (Farm Superstores) has registered a loss of SAR 2.6 million during the first quarter of 2019 versus profits worth SAR 13.67 million in the same period a year ago.
The incurred loss in the three months ended on 31 March 2019 are attributed to higher expenses of sale and distribution as well as an increase of SAR 4 million in general and administrative expenses during the period when compared to the same quarter in 2018, according to a recent bourse disclosure to the Saudi Stock Exchange (Tadawul).
Farm Stores has raised the number of its branches to eight, the company said, noting that the Q1 losses were posted despite the SAR 15 million increase in Q1 revenues and the rise of SAR 3.6 million in gross profit.
