Saudi Marketing Company (Farm Superstores) [4006.SE] reported 3Q2016 KPIs, with earnings down 20% Y-o-Y to SAR23.2mn due to lower revenue, especially from high-margin household items (wholesale). Revenue declined -c4% Y-o-Y to SAR433.1mn, which the company attributed to longer school holidays and reduced spending patterns. Meanwhile, gross profit decreased 13% Y-o-Y to SAR105.3mn, while operating profit fell 28% to SAR26.3mn. The quarter was also affected negatively by higher losses from the company’s Lebanese subsidiary. (Tadawul)
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