SACO widens 2022 loss to SAR 142.5 mln; Q4 at SAR 77.2 mln

21/03/2023 Argaam Exclusive

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Saudi Company for Hardware (SACO) slid into a deeper loss of SAR 142.5 million in 2022, from SAR 28.5 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,272.50	1,136.54	(10.7 %)
Gross Income	192.74	67.62	(64.9 %)
Operating Income	13.70	(107.75)	(886.7 %)
Net Income	(28.49)	(142.50)	(400.2 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.79)	(3.96)	(400.2 %)

The company cited an 11.7% year-on-year (YoY) drop in the 2022 sales, and an increase in inventory provision by SAR 38.5 million. It also reported an impairment of non-financial assets at a total value of SAR 29.7 million.

In Q4 2022, net loss widened by 72.8% to SAR 77.21 million, from SAR 44.69 million in Q4 2021.

Sequentially, SACO increased losses from SAR 45.87 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	315.38	311.90	(1.1 %)
Gross Income	23.19	(23.73)	(202.3 %)
Operating Income	(33.53)	(68.94)	(105.6 %)
Net Income	(44.69)	(77.21)	(72.8 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(1.24)	(2.14)	(72.8 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	254.13	311.90	22.7 %
Gross Income	3.70	(23.73)	(741.4 %)
Operating Income	(38.39)	(68.94)	(79.6 %)
Net Income	(45.87)	(77.21)	(68.3 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(1.27)	(2.14)	(68.3 %)

Shareholders' equity, no minority interest, fell to SAR 413.77 million as of Dec. 31, 2022, from SAR 556.19 million a year earlier.

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