SACO turns to loss of SAR 28.5 mln in 2021; Q4 loss at SAR 44.7 mln

09/03/2022 Argaam Exclusive

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Saudi Co. for Hardware (SACO) reported a net loss after Zakat and tax of SAR 28.5 million for 2021, from a profit of SAR 85.5 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,481.76	1,272.50	(14.1 %)
Gross Income	296.42	192.74	(35.0 %)
Operating Income	146.65	13.70	(90.7 %)
Net Income	85.53	(28.49)	(133.3 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	2.38	(0.79)	(133.3 %)

The company attributed the losses to lower sales driven by the delay in receiving imported goods and the increase in the freight and shipping costs due to the supply chain crisis and the global container and shipping shortages.

During the period, SACO realized an impairment loss on non-financial assets and booked additional inventory provisions resulting from revising the accounting assumptions & estimates of the inventory provision policy.

In addition, selling and marketing expenses, as well general and administrative costs increased.

The company reported a net loss after Zakat and tax of SAR 44.7 million in Q4 2021, from a net profit of SAR 85.53 million in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	402.05	315.38	(21.6 %)
Gross Income	80.84	23.19	(71.3 %)
Operating Income	45.59	(33.53)	(173.6 %)
Net Income	24.19	(44.69)	(284.7 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.67	(1.24)	(284.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	295.83	315.38	6.6 %
Gross Income	38.48	23.19	(39.7 %)
Operating Income	(2.97)	(33.53)	(1,030.1 %)
Net Income	(13.88)	(44.69)	(222.1 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.39)	(1.24)	(222.1 %)

On a sequential basis, net loss widened from SAR 13.88 million.

Total shareholders’ equity, after minority interest, fell to SAR 556.2 million as of Dec. 31, 2021, from SAR 610.2 million a year earlier.

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