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

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 %)

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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