SACO swings to SAR 65.3 mln net loss in 9M 2022, Q3 at SAR 45.9 mln

06/11/2022 Argaam Exclusive

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Saudi Company for Hardware (SACO) turned to a net loss after Zakat and tax of SAR 65.3 million in the first nine months of 2022, from a profit of SAR 16.2 million in the same period a year ago.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	957.13	824.64	(13.8 %)
Gross Income	169.55	91.34	(46.1 %)
Operating Income	47.23	(38.81)	(182.2 %)
Net Income	16.20	(65.29)	(503.0 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.45	(1.81)	(503.0 %)

The losses were attributed to lower sales, higher cost of revenue due to booking additional inventory provision of SAR 15 million, and, an increase in general and administrative expenses.

SACO deepened net losses after Zakat and tax to SAR 45.9 million in the third quarter of 2022 from a net loss of SAR 13.9 million in Q3 2021, due to lower sales and higher cost of revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	295.83	254.13	(14.1 %)
Gross Income	38.48	3.70	(90.4 %)
Operating Income	(2.97)	(38.39)	(1,193.8 %)
Net Income	(13.88)	(45.87)	(230.6 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.39)	(1.27)	(230.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	251.00	254.13	1.2 %
Gross Income	31.59	3.70	(88.3 %)
Operating Income	(12.89)	(38.39)	(197.8 %)
Net Income	(20.53)	(45.87)	(123.5 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.57)	(1.27)	(123.5 %)

Sequentially, SACO widened losses from SAR 20.5 million in Q2 2022, due to higher cost of revenue.

Shareholders' equity, after minority interest, at the end of 9M 2022 amounted to SAR 489.46 million, compared to SAR 599.73 million in the same period last year.

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