SACO’s segments record various profitability ratios, 10% of revenue targeted from e-sales in 2 years: CEO

Haytham Al-Hamidi, CEO of SACO

Saudi Company for Hardware’s (SACO) all segments reported various profitability ratios, chief executive officer (CEO), Haytham Al-Hamidi, told Argaam without disclosing further details about these ratios.

The performance of smart devices and their accessories met expectations, Al-Hamidi said, adding that the segment performance is evaluated regularly to ensure that it fulfills targets.

SACO is planning to open three or four branches this year, following the inauguration of a new branch in Hufof last March. However, there is no plan for new additions in the GCC in the near future, the CEO explained.

The company granted 24 years ago a franchise for Tabuk branch, in light of its expansions at that time across the province, Al-Hamidi added, without giving more details about the franchise.

“Currently, SACO does not consider granting a franchise to any other province inside the Kingdom or abroad,” the CEO noted.

On the other hand, Al-Hamidi said SACO invested nearly SAR 16 million in developing its e-platform, affirming that e-sales will account for 10% of total sales over the next two years.

Elsewhere, Al-Hamidi said he believes that SACO is not currently qualified to participate in “Shareek” program.

SACO reported a net profit after Zakat and tax of SAR 15.6 million for Q1 2021, a 33% increase from SAR 11.7 million in the same period last year, Argaam reported.