Financial Results : SACO net profit falls 39% to SAR 11.7 mln in Q1 2020

SACO net profit falls 39% to SAR 11.7 mln in Q1 2020

10/05/2020 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 11.7 million for the first quarter of 2020, a 39% year-on-year (YoY) decline, compared to SAR 19.2 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 370.24 358.04 (3.3 %)
Gross Income 63.85 62.40 (2.3 %)
Operating Income 29.86 25.53 (14.5 %)
Net Income 19.24 11.72 (39.1 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 0.53 0.33 (39.1 %)

The company cited lower sales due to partial closure of stores amidst COVID-19 measures and less promotional activities, higher selling and marketing expenses, lower other income, and higher finance cost related to lease liabilities and Zakat expenses for decline in profits.

 

When compared to the previous quarter, Q1 net profit increased by 93.3% due to lower selling and marketing, and general and administrative expenses.

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