Financial Results : SACO’s Q1 2022 net profit sinks 93% to SAR 1.1 mln

SACO’s Q1 2022 net profit sinks 93% to SAR 1.1 mln

19/05/2022 Argaam Exclusive

View other reports

Saudi Company for Hardware (SACO) reported a slump of 93% in Q1 2022 net profit after Zakat and tax to SAR 1.1 million, compared to SAR 15.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 337.63 319.51 (5.4 %)
Gross Income 68.26 56.06 (17.9 %)
Operating Income 27.24 12.46 (54.3 %)
Net Income 15.63 1.11 (92.9 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 0.43 0.03 (92.9 %)

The profit fall was attributed to a 5% year-on-year (YoY) decline in sales and higher freight and shipping costs. The company also cited an increase in the general and administrative expenses, related to the development of its distribution centers and supply chain process.

 

SACO turned profitable from a net loss of SAR 44.69 million in Q4 2021, backed by an additional inventory provision, which was exceptionally recorded in the previous quarter, a drop in selling and marketing expenses, as well as general and administrative expenses. 

 

Total shareholders’ equity, after minority interest, fell to SAR 557.29 million as of March 31, 2022, from SAR 599.26 million a year earlier.

View more financial results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.