SACO 9M 2021 net profit drops 74% to SAR 16.2 mln

10/11/2021 Argaam Exclusive

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Saudi Company for Hardware’s (SACO) net profit after Zakat and tax declined 74% to SAR 16.2 million in the first nine months of 2021, from SAR 61.3 million in the same period a year ago.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,079.71	957.13	(11.4 %)
Gross Income	215.59	169.55	(21.4 %)
Operating Income	101.07	47.23	(53.3 %)
Net Income	61.34	16.20	(73.6 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	1.70	0.45	(73.6 %)

The company attributed the profit drop to lower sales, due to the delay in receiving imported goods and higher freight and shipping costs as a result of the supply chain crisis.

The company also cited higher selling and marketing expenses and SAR 14.83 million impairment loss on non-financial assets (non-recurring).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	332.14	295.83	(10.9 %)
Gross Income	67.24	38.48	(42.8 %)
Operating Income	27.60	(2.97)	(110.7 %)
Net Income	16.48	(13.88)	(184.2 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.46	(0.39)	(184.2 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	323.66	295.83	(8.6 %)
Gross Income	62.81	38.48	(38.7 %)
Operating Income	22.95	(2.97)	(112.9 %)
Net Income	14.44	(13.88)	(196.1 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.40	(0.39)	(196.1 %)

SACO turned to a net loss after Zakat and tax of SAR 13.9 million in the third quarter of 2021 from a net profit of SAR 16.4 million in Q3 2020, on lower sales.

SACO swung to losses against a net profit of SAR 14.44 million in Q2 2020, due to higher finance cost, as well as general and administrative expenses.

Shareholders' equity, after minority interest, at the end of 9M 2021 amounted to SAR 599.73 million, compared to SAR 585.2 million in the same period last year.

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