Mubasher: Saudi Market Company, known as Farm Superstores Co, reported a decrease of 55% in profits during the third quarter of 2018 compared to the same period in the previous year.
Earnings shrank to SAR 3.24 million in Q3-18 from SAR 7.21 million in Q3-17, according to a bourse disclosure on Thursday.
The decline in Q3 profits is attributed to higher sales and distribution expenses in addition to general and administrative expenses at a total of SAR 9.2 million.
During the first nine months of 2018, Farm Superstores posted a decrease of 93% in profits to SAR 3.5 million from SAR 50.08 million in the same period in 2017.
