Financial Results : SACO net profit up 39% to SAR 85.5 mln in 2020

SACO net profit up 39% to SAR 85.5 mln in 2020

14/03/2021 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 85.5 million for 2020, a 39% increase from SAR 61.6 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,457.76 1,481.76 1.6 %
Gross Income 281.66 296.42 5.2 %
Operating Income 107.66 146.65 36.2 %
Net Income 61.64 85.53 38.8 %
Average Shares 36.00 36.00 -
EPS (Riyals) 1.71 2.38 38.8 %

The company attributed the profit rise to higher sales due to opening of four new showrooms, resulting in increase in sales.

 

Furthermore, the improvement in gross profit margin, higher e-commerce sales, and the decrease in the selling & marketing expenses as well as general & administrative expenses contributed to the increase of in profit.

 

The company’s Q4 2020 net profit after Zakat and tax surged to SAR 24.2 million from SAR 6 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 392.08 402.05 2.5 %
Gross Income 85.84 80.84 (5.8 %)
Operating Income 18.48 45.59 146.7 %
Net Income 6.06 24.19 299.2 %
Average Shares 36.00 36.00 -
EPS (Riyals) 0.17 0.67 299.2 %

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