SACO net profit up 10% to SAR 61.3 mln in 9M 2020

01/11/2020 Argaam Exclusive

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Saudi Company for Hardware’s (SACO) net profit after Zakat and tax rose 10% year-on-year (YoY) to SAR 61.3 million for the first nine months of 2020, driven by higher sales revenue, and increased gross profit margins.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,065.68	1,079.71	1.3 %
Gross Income	195.82	215.59	10.1 %
Operating Income	89.19	101.07	13.3 %
Net Income	55.58	61.34	10.4 %
Average Shares	36.00	36.00	-
EPS (Riyals)	1.54	1.70	10.4 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	351.61	332.14	(5.5 %)
Gross Income	67.13	67.24	0.2 %
Operating Income	26.45	27.60	4.4 %
Net Income	14.65	16.48	12.5 %
Average Shares	36.00	36.00	-
EPS (Riyals)	0.41	0.46	12.5 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	389.53	332.14	(14.7 %)
Gross Income	85.95	67.24	(21.8 %)
Operating Income	47.93	27.60	(42.4 %)
Net Income	33.14	16.48	(50.3 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.92	0.46	(50.3 %)

The third-quarter net profit after Zakat and tax increased 13% YoY to SAR 16.5 million, backed by higher gross profit margin, and lower general and administrative expenses.

On a sequential basis, Q3 2020 net profit plunged 50.3%.

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