Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 11.7 million for the first quarter of 2020, a 39% year-on-year (YoY) decline, compared to SAR 19.2 million in the same period last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 370.24 | 358.04 | (3.3 %) |
| Gross Income | 63.85 | 62.40 | (2.3 %) |
| Operating Income | 29.86 | 25.53 | (14.5 %) |
| Net Income | 19.24 | 11.72 | (39.1 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.53 | 0.33 | (39.1 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 392.08 | 358.04 | (8.7 %) |
| Gross Income | 85.84 | 62.40 | (27.3 %) |
| Operating Income | 18.48 | 25.53 | 38.2 % |
| Net Income | 6.06 | 11.72 | 93.4 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.17 | 0.33 | 93.4 % |
The company cited lower sales due to partial closure of stores amidst COVID-19 measures and less promotional activities, higher selling and marketing expenses, lower other income, and higher finance cost related to lease liabilities and Zakat expenses for decline in profits.
When compared to the previous quarter, Q1 net profit increased by 93.3% due to lower selling and marketing, and general and administrative expenses.
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