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

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

09/03/2022 Argaam Exclusive

View other reports

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 %)

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. 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.