SACO’s net profit down 37% in FY2019

25/03/2020 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 61.6 million for the fiscal year 2019, a 37% decline year-on-year (YoY) compared to SAR 97.9 million the year before.

Financials (M)

Item	2018	2019	Change‬
Revenues	1,390.47	1,457.76	4.8 %
Gross Income	249.91	281.66	12.7 %
Operating Income	112.36	107.66	(4.2 %)
Net Income	97.88	61.64	(37.0 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	2.72	1.71	(37.0 %)

The decline is attributed to an increase in selling and marketing costs, higher general and administrative expenses, and rise in finance costs due to the adoption of IFRS 16.

In Q4 2019, the company posted an 84.3% YoY drop in net profit to SAR 6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	385.61	392.08	1.7 %
Gross Income	76.72	85.84	11.9 %
Operating Income	42.87	18.48	(56.9 %)
Net Income	38.48	6.06	(84.3 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	1.07	0.17	(84.3 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	351.61	392.08	11.5 %
Gross Income	67.13	85.84	27.9 %
Operating Income	26.45	18.48	(30.1 %)
Net Income	14.65	6.06	(58.6 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.41	0.17	(58.6 %)

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