SACO net profit rises 32% in Q1 2019

01/05/2019 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit after zakat and tax of SAR 19.2 million for the first quarter of 2019, a 32 percent year-on-year (YoY) increase on higher sales, higher other income and lower general and administrative expenses.

When compared to the previous quarter, Q1 net profit fell by 50 percent due to lower revenue, higher selling and marketing expenses, higher cost of finance and lower other income.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	321.67	370.24	15.1 %
Gross Income	53.81	63.85	18.6 %
Operating Income	17.55	29.86	70.1 %
Net Income	14.59	19.24	31.9 %
Average Shares	36.00	36.00	-
EPS (Riyals)	0.41	0.53	31.9 %

Item	Q4 2018	Q1 2019	Change‬
Revenues	385.61	370.24	(4.0 %)
Gross Income	76.72	63.85	(16.8 %)
Operating Income	42.87	29.86	(30.3 %)
Net Income	38.48	19.24	(50.0 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	1.07	0.53	(50.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	668.69	-	242.93	-	49.60	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	831.08	24.3 %	188.76	(22.3 %)	84.42	70.2 %
Q1 2013	235.95	-	51.43	-	23.47	-
Q2 2013	250.04	-	58.02	-	25.50	-
Q3 2013	247.86	-	50.19	-	25.27	-
Q4 2013	227.44	-	59.10	-	32.25	-
2013	961.28	15.7 %	218.74	15.9 %	106.49	26.1 %
Q1 2014	228.78	(3.0 %)	55.47	7.8 %	28.50	21.4 %
Q2 2014	293.71	17.5 %	74.84	29.0 %	38.83	52.2 %
Q3 2014	248.61	0.3 %	55.97	11.5 %	18.87	(25.3 %)
Q4 2014	313.76	38.0 %	65.22	10.4 %	33.93	5.2 %
2014	1,084.85	12.9 %	251.49	15.0 %	120.12	12.8 %
Q1 2015	309.45	35.3 %	66.55	20.0 %	36.28	27.3 %
Q2 2015	349.36	18.9 %	73.02	(2.4 %)	38.39	(1.1 %)
Q3 2015	265.36	6.7 %	51.73	(7.6 %)	20.93	10.9 %
Q4 2015	352.74	12.4 %	68.22	4.6 %	36.35	7.1 %
2015	1,276.91	17.7 %	259.52	3.2 %	131.95	9.8 %
Q1 2016	303.21	(2.0 %)	60.75	(8.7 %)	31.85	(12.2 %)
Q2 2016	351.49	0.6 %	71.59	(2.0 %)	39.81	3.7 %
Q3 2016	284.97	7.4 %	52.50	1.5 %	23.54	12.4 %
Q4 2016	384.42	9.0 %	75.76	11.1 %	46.70	28.5 %
2016	1,324.09	3.7 %	260.60	0.4 %	141.89	7.5 %
Q1 2017	326.29	7.6 %	62.01	2.1 %	33.38	4.8 %
Q2 2017	376.33	7.1 %	76.65	7.1 %	43.53	9.3 %
Q3 2017	322.91	13.3 %	61.14	16.5 %	27.25	15.8 %
Q4 2017	429.85	11.8 %	84.88	12.0 %	45.78	(2.0 %)
2017	1,455.93	10.0 %	284.68	9.2 %	149.94	5.7 %
Q1 2018	321.67	(1.4 %)	53.81	(13.2 %)	17.55	(47.4 %)
Q2 2018	343.03	(8.8 %)	54.94	(28.3 %)	24.14	(44.5 %)
Q3 2018	340.17	5.3 %	64.44	5.4 %	27.80	2.0 %
Q4 2018	385.61	(10.3 %)	76.72	(9.6 %)	42.87	(6.4 %)
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	112.36	(25.1 %)
Q1 2019	370.24	15.1 %	63.85	18.6 %	29.86	70.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	668.69	-	242.93	-	49.60	-
2012	831.08	24.3 %	188.76	(22.3 %)	84.42	70.2 %
2013	961.28	15.7 %	218.74	15.9 %	106.49	26.1 %
2014	1,084.85	12.9 %	251.49	15.0 %	120.12	12.8 %
2015	1,276.91	17.7 %	259.52	3.2 %	131.95	9.8 %
2016	1,324.09	3.7 %	260.60	0.4 %	141.89	7.5 %
2017	1,455.93	10.0 %	284.68	9.2 %	149.94	5.7 %
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	112.36	(25.1 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	55.19	-	1.53	(0.48)	55.67	1.55
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	76.82	39.2 %	2.13	-	76.82	2.13
Q1 2013	21.91	-	0.61	-	21.91	0.61
Q2 2013	24.09	-	0.67	-	24.09	0.67
Q3 2013	23.30	-	0.65	-	23.30	0.65
Q4 2013	33.44	-	0.93	-	33.44	0.93
2013	102.74	33.8 %	2.85	-	102.74	2.85
Q1 2014	25.64	17.0 %	0.71	-	25.64	0.71
Q2 2014	37.67	56.4 %	1.05	-	37.67	1.05
Q3 2014	16.61	(28.7 %)	0.46	-	16.61	0.46
Q4 2014	30.10	(10.0 %)	0.84	0.30	29.80	0.83
2014	110.01	7.1 %	3.06	0.30	109.71	3.05
Q1 2015	33.83	32.0 %	0.94	-	33.83	0.94
Q2 2015	35.87	(4.8 %)	1.00	-	35.87	1.00
Q3 2015	18.50	11.4 %	0.51	-	18.50	0.51
Q4 2015	37.91	26.0 %	1.05	4.49	33.42	0.93
2015	126.11	14.6 %	3.50	4.49	121.62	3.38
Q1 2016	28.72	(15.1 %)	0.80	-	28.72	0.80
Q2 2016	37.05	3.3 %	1.03	-	37.05	1.03
Q3 2016	21.06	13.9 %	0.59	-	21.06	0.59
Q4 2016	42.14	11.2 %	1.17	-	42.14	1.17
2016	128.97	2.3 %	3.58	-	128.97	3.58
Q1 2017	30.76	7.1 %	0.85	-	30.76	0.85
Q2 2017	40.36	8.9 %	1.12	-	40.36	1.12
Q3 2017	22.79	8.2 %	0.63	-	22.79	0.63
Q4 2017	40.99	(2.7 %)	1.14	-	40.99	1.14
2017	134.90	4.6 %	3.75	-	134.90	3.75
Q1 2018	14.59	(52.6 %)	0.41	-	14.59	0.41
Q2 2018	20.38	(49.5 %)	0.57	-	20.38	0.57
Q3 2018	24.43	7.2 %	0.68	-	24.43	0.68
Q4 2018	38.48	(6.1 %)	1.07	-	38.48	1.07
2018	97.88	(27.4 %)	2.72	-	97.88	2.72
Q1 2019	19.24	31.9 %	0.53	-	19.24	0.53

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	55.19	-	1.53	(0.48)	55.67	1.55
2012	76.82	39.2 %	2.13	-	76.82	2.13
2013	102.74	33.8 %	2.85	-	102.74	2.85
2014	110.01	7.1 %	3.06	0.30	109.71	3.05
2015	126.11	14.6 %	3.50	4.49	121.62	3.38
2016	128.97	2.3 %	3.58	-	128.97	3.58
2017	134.90	4.6 %	3.75	-	134.90	3.75
2018	97.88	(27.4 %)	2.72	-	97.88	2.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	36.33 %	9.52 %	8.33 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	22.71 %	12.17 %	9.24 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	22.76 %	13.03 %	10.69 %
2013	22.76 %	13.03 %	10.69 %
Q1 2014	23.35 %	13.76 %	11.16 %
Q2 2014	24.01 %	14.60 %	12.03 %
Q3 2014	24.57 %	14.26 %	11.35 %
Q4 2014	23.18 %	13.32 %	10.11 %
2014	23.18 %	13.32 %	10.11 %
Q1 2015	22.53 %	13.19 %	10.12 %
Q2 2015	21.35 %	12.71 %	9.51 %
Q3 2015	20.72 %	12.77 %	9.53 %
Q4 2015	20.32 %	12.69 %	9.52 %
2015	20.32 %	12.69 %	9.52 %
Q1 2016	19.97 %	12.41 %	9.17 %
Q2 2016	19.82 %	12.49 %	9.25 %
Q3 2016	19.58 %	12.51 %	9.30 %
Q4 2016	19.68 %	13.01 %	9.74 %
2016	19.68 %	13.01 %	9.74 %
Q1 2017	19.44 %	12.97 %	9.72 %
Q2 2017	19.45 %	13.13 %	9.79 %
Q3 2017	19.54 %	13.17 %	9.65 %
Q4 2017	19.56 %	12.92 %	9.27 %
2017	19.55 %	12.91 %	9.27 %
Q1 2018	19.06 %	12.03 %	8.18 %
Q2 2018	17.97 %	11.04 %	6.97 %
Q3 2018	17.99 %	11.02 %	7.00 %
Q4 2018	17.97 %	11.17 %	7.04 %
2018	17.97 %	11.17 %	7.04 %
Q1 2019	18.06 %	12.83 %	7.12 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	-	-	-
2011	36.33 %	9.52 %	8.33 %
2012	22.71 %	12.17 %	9.24 %
2013	22.76 %	13.03 %	10.69 %
2014	23.18 %	13.32 %	10.11 %
2015	20.32 %	12.69 %	9.52 %
2016	19.68 %	13.01 %	9.74 %
2017	19.55 %	12.91 %	9.27 %
2018	17.97 %	11.17 %	7.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	21.80 %	11.88 %	9.29 %
Q2 2013	23.20 %	12.08 %	9.64 %
Q3 2013	20.25 %	11.70 %	9.40 %
Q4 2013	25.98 %	16.72 %	14.70 %
Q1 2014	24.25 %	14.89 %	11.21 %
Q2 2014	25.48 %	15.17 %	12.83 %
Q3 2014	22.51 %	10.34 %	6.68 %
Q4 2014	20.79 %	12.81 %	9.50 %
Q1 2015	21.51 %	13.98 %	10.93 %
Q2 2015	20.90 %	13.18 %	10.27 %
Q3 2015	19.50 %	10.77 %	6.97 %
Q4 2015	19.34 %	12.53 %	9.47 %
Q1 2016	20.03 %	12.81 %	9.47 %
Q2 2016	20.37 %	13.45 %	10.54 %
Q3 2016	18.42 %	10.99 %	7.39 %
Q4 2016	19.71 %	14.25 %	10.96 %
Q1 2017	19.00 %	12.69 %	9.43 %
Q2 2017	20.37 %	13.98 %	10.73 %
Q3 2017	18.94 %	11.44 %	7.06 %
Q4 2017	19.75 %	13.27 %	9.54 %
Q1 2018	16.73 %	8.70 %	4.54 %
Q2 2018	16.01 %	10.05 %	5.94 %
Q3 2018	18.94 %	11.37 %	7.18 %
Q4 2018	19.90 %	14.06 %	9.98 %
Q1 2019	17.25 %	15.46 %	5.20 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	36.00	-	-	5.90
Q2 2013	36.00	-	-	5.88
Q3 2013	36.00	-	-	6.52
Q4 2013	36.00	2.85	2.85	7.45
Q1 2014	36.00	2.96	2.96	8.17
Q2 2014	36.00	3.33	3.33	9.21
Q3 2014	36.00	3.15	3.15	9.67
Q4 2014	36.00	3.06	3.05	10.51
Q1 2015	36.00	3.28	3.28	11.45
Q2 2015	36.00	3.23	3.23	12.45
Q3 2015	36.00	3.29	3.28	12.96
Q4 2015	36.00	3.50	3.38	12.68
Q1 2016	36.00	3.36	3.24	13.29
Q2 2016	36.00	3.39	3.27	13.32
Q3 2016	36.00	3.47	3.34	13.90
Q4 2016	36.00	3.58	3.58	14.07
Q1 2017	36.00	3.64	3.64	14.93
Q2 2017	36.00	3.73	3.73	16.05
Q3 2017	36.00	3.78	3.78	15.51
Q4 2017	36.00	3.75	3.75	16.65
Q1 2018	36.00	3.30	3.30	15.99
Q2 2018	36.00	2.74	2.74	16.55
Q3 2018	36.00	2.79	2.79	16.57
Q4 2018	36.00	2.72	2.72	17.63
Q1 2019	36.00	2.85	2.85	15.85

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	-	-	-	-
2011	36.00	1.53	1.55	4.69
2012	36.00	2.13	2.13	5.99
2013	36.00	2.85	2.85	7.45
2014	36.00	3.06	3.05	10.51
2015	36.00	3.50	3.38	12.68
2016	36.00	3.58	3.58	14.07
2017	36.00	3.75	3.75	16.65
2018	36.00	2.72	2.72	17.63

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	27.52	27.59	7.15
Q3 2015	20.09	20.14	5.09
Q4 2015	18.94	19.64	5.23
Q1 2016	17.03	17.69	4.31
Q2 2016	17.42	18.08	4.44
Q3 2016	11.62	12.06	2.90
Q4 2016	15.89	15.89	4.04
Q1 2017	16.53	16.53	4.03
Q2 2017	18.94	18.94	4.40
Q3 2017	19.09	19.09	4.65
Q4 2017	19.48	19.48	4.38
Q1 2018	26.67	26.67	5.50
Q2 2018	27.99	27.99	4.64
Q3 2018	18.62	18.62	3.13
Q4 2018	24.35	24.35	3.75
Q1 2019	25.49	25.49	4.58

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	18.94	19.64	5.23
2016	15.89	15.89	4.04
2017	19.48	19.48	4.38
2018	24.35	24.35	3.75

Business Segments (Million)

Compared With The

Period	Sales and Services	Logistics services	Retail sector	Wholesale sector
Q1 2014	-	-	226.13	2.65
Q2 2014	-	-	289.37	4.34
Q3 2014	-	-	244.04	4.57
Q4 2014	-	-	309.31	4.44
Q1 2015	-	-	305.27	4.18
Q2 2015	-	-	345.35	4.01
Q3 2015	-	-	261.48	3.89
Q4 2015	-	-	349.28	3.46
Q1 2016	303.21	-	-	-
Q2 2016	351.49	-	-	-
Q3 2016	284.97	-	-	-
Q4 2016	382.52	-	-	-
Q1 2017	323.49	2.79	-	-
Q2 2017	373.84	2.49	-	-
Q3 2017	320.88	2.60	-	-
Q4 2017	427.08	2.77	-	-
Q1 2018	317.69	3.98	-	-
Q2 2018	341.65	1.37	-	-
Q3 2018	337.70	2.47	-	-
Q4 2018	382.79	2.82	-	-
Q1 2019	367.49	2.75	-	-

Period	Sales and Services	Logistics services	Retail sector	Wholesale sector
2014	-	-	1,068.85	15.99
2015	-	-	1,261.38	15.54
2016	1,322.18	1.91	-	-
2017	1,445.29	10.64	-	-
2018	1,379.83	10.64	-	-

Analysts Estimates (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change‬
Average	20.13	19.24	(4.4 %)

Estimates vs Actual (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change
OSOOL AND BAKHEET	20.00	19.24	(3.8) %
AlJazira Capital	18.40	19.24	4.6 %
Sico	22.00	19.24	(12.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,238.40
Enterprise Value (EV) (M)	1,320.74
Shares Outstanding ((M))	36.00
EPS ( Riyal) (TTM)	(1.25)
Book Value (BV) ( Riyal)	9.22
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.73
Return on Average Assets (%) (TTM)	(3.76 )
Return on Average Equity (%) (TTM)	(12.63 )

Saudi Company for Hardware (SACO)

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SACO net profit rises 32% in Q1 2019

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Company for Hardware (SACO)

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SACO net profit rises 32% in Q1 2019

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2019

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Company for Hardware (SACO)

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Business Segments (Million)