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

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 %)

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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