Farm Superstores 4Q16 earnings up 3% Y-o-Y; BoD proposes DPS of SAR1.0 for FY16
Saudi Marketing Company (Farm Superstores) [4006.SE] reported 4Q16 KPIs, with earnings up 3% Y-o-Y reaching SAR16.8mn, mainly on some revenue growth and lower SG&A expenses. Revenue for quarter increased 4% Y-o-Y to SAR491mn. Meanwhile, gross profit decreased 5% Y-o-Y to SAR102.7mn, while operating profit was up 25% at SAR20.7mn. The company's Board of Directors (BoD) proposed a cash dividend of SAR1.00 per share for FY16 (total dividends of SAR45mn), which implies a dividend payout ratio of 49% and a dividend yield of 3.5%. (Tadawul)
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