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

26/07/2020 Argaam Exclusive

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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 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	358.04	389.53	8.8 %
Gross Income	62.40	85.95	37.7 %
Operating Income	25.53	47.93	87.8 %
Net Income	11.72	33.14	182.8 %
Average Shares	36.00	36.00	-
EPS (Riyals)	0.33	0.92	182.8 %

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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