SACO swings to SAR 19.4 mln loss in H1 2022, Q2 at SAR 20.5 mln

11/08/2022 Argaam Exclusive

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Saudi Company for Hardware (SACO) swung to a net loss after Zakat and tax of SAR 19.4 million in the first half of 2022, compared to a profit of SAR 30.1 million in the same period last year.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	661.29	570.50	(13.7 %)
Gross Income	131.06	87.64	(33.1 %)
Operating Income	50.19	(0.43)	(100.9 %)
Net Income	30.08	(19.42)	(164.6 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.84	(0.54)	(164.6 %)

The loss was mainly due to a decline in sales and an increase in general and administrative expenses, related to the relocation and development of the company’s warehouses and supply chain process.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	323.66	251.00	(22.5 %)
Gross Income	62.81	31.59	(49.7 %)
Operating Income	22.95	(12.89)	(156.2 %)
Net Income	14.44	(20.53)	(242.1 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.40	(0.57)	(242.1 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	319.51	251.00	(21.4 %)
Gross Income	56.06	31.59	(43.6 %)
Operating Income	12.46	(12.89)	(203.4 %)
Net Income	1.11	(20.53)	(1954.6 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.03	(0.57)	(1954.6 %)

SACO also turned to a net loss after Zakat and tax of SAR 20.5 million in Q2 2022, compared to a profit of SAR 14.44 million in Q2 2021, due to lower sales.

In Q1 2021, SACO posted a net profit of SAR 1.11 million.

Shareholders’ equity, after minority interest, stood at SAR 536.77 million as of June 30, 2022, compared to SAR 556.19 million a year earlier.

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