Financial Results : SACO net profit falls 33% to SAR 30.1 mln in H1 2021

SACO net profit falls 33% to SAR 30.1 mln in H1 2021

01/08/2021 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 30.1 million in the first half of 2021, a 33% decrease from SAR 44.9 million in the same period last year.

 

The decrease was mainly due to a decline of 11.9% year-on-year (YoY) in sales.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 747.57 661.29 (11.5 %)
Gross Income 148.34 131.06 (11.6 %)
Operating Income 73.46 50.19 (31.7 %)
Net Income 44.86 30.08 (33.0 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 1.25 0.84 (33.0 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 389.53 323.66 (16.9 %)
Gross Income 85.95 62.81 (26.9 %)
Operating Income 47.93 22.95 (52.1 %)
Net Income 33.14 14.44 (56.4 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 0.92 0.40 (56.4 %)

SACO’s net profit after Zakat and tax plunged 56% to SAR 14.4 million in Q2 2021, compared to the same period last year, as Eid al-Fitr holidays led to a decline in sales.

 

The firm also noted an increase in selling and marketing expenses.

On a sequential basis, Q2 2021 net profit dipped 7.6% from SAR 15.63 million.

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