Financial Results : SACO net profit rises 33% to SAR 15.6 mln in Q1 2021

SACO net profit rises 33% to SAR 15.6 mln in Q1 2021

02/05/2021 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 15.6 million for Q1 2021, a 33% increase from SAR 11.7 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 358.04 337.63 (5.7 %)
Gross Income 62.40 68.26 9.4 %
Operating Income 25.53 27.24 6.7 %
Net Income 11.72 15.63 33.4 %
Average Shares 36.00 36.00 -
EPS (Riyals) 0.33 0.43 33.4 %

The increase in profit was attributed to improvement in gross profit margin, decrease in sales and marketing expenses, higher other income and lower finance costs.

When compared to the previous quarter, the firm’s net profit after Zakat and tax declined 35.4% in Q1 2021.

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