SACO net profit rises 10% to SAR 45 mln in H1 2020

26/07/2020 Argaam Exclusive

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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Share Price

Saudi Company for Hardware
31.55
(0.45) (1.41 %)

Saudi Company for Hardware (SACO)

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Financial Ratios
Current
Market Cap (M Riyal) 1,135.80
Enterprise Value (EV) (M) 1,238.12
Shares Outstanding ((M)) 36.00
EPS ( Riyal) (TTM) (1.16)
Book Value (BV) ( Riyal) 8.97
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.52
Return on Average Assets (%) (TTM) (3.46 )
Return on Average Equity (%) (TTM) (12.09 )
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