Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 44.86 million for the six months of 2020, a 9.6% year-on-year (YoY) increase compared to SAR 40.9 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 714.07 | 747.57 | 4.7 % |
| Gross Income | 128.69 | 148.34 | 15.3 % |
| Operating Income | 62.74 | 73.46 | 17.1 % |
| Net Income | 40.93 | 44.86 | 9.6 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 1.14 | 1.25 | 9.6 % |
The increase in net profit is driven by higher sales due to the issuance of new decree increasing the VAT rate, and more showrooms, in addition to lower sales and marketing (S&M) expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 343.83 | 389.53 | 13.3 % |
| Gross Income | 64.84 | 85.95 | 32.6 % |
| Operating Income | 32.88 | 47.93 | 45.8 % |
| Net Income | 21.69 | 33.14 | 52.8 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.60 | 0.92 | 52.8 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 358.04 | 389.53 | 8.8 % |
| Gross Income | 62.40 | 85.95 | 37.7 % |
| Operating Income | 25.53 | 47.93 | 87.8 % |
| Net Income | 11.72 | 33.14 | 182.8 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.33 | 0.92 | 182.8 % |
In Q2, the company reported a net profit of SAR 33.14 million, up 52.8% YoY compared to SAR 21.69 million in the same period last year, driven by higher sales as a result of the issuance of new decree increasing the VAT rate from 5% to 15% resulting in higher demand of the company’s products.
On a sequential basis, the net profit increased by 182.7% due to higher sales, lower S&M expenses and lower finance cost.
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