SACO’s losses shrink to SAR 69M in 2023, Q4 at SAR 24.3M

Saudi Company for Hardware (SACO) narrowed its losses to SAR 69 million in 2023 from SAR 142.5 million in 2022.

This was attributed to a rise of SAR 36.5 million in overall profit resulting from an improvement in commercial items and operational efficiency, in addition to a decrease of SAR 21.6 million in impairment loss on non-financial assets.

The drop in administrative and general expenses, selling and marketing expenses, financing charges, and Zakat charges also contributed to cutting losses.

This was despite lower sales on retail stagnation in general, delayed arrival of new items and products, and selling a large portion of old inventory at clearance prices.

SACO’s net losses shrank by 68.5% to SAR 24.32 million in the fourth quarter of 2023 from SAR 77.21 million in Q4 2022.

Sequentially, SACO widened losses by 99.4% from SAR 12.2 million in Q3 2023.

Shareholders' equity, no minority interest, amounted to SAR 343.75 million in 2023, compared to SAR 413.77 million in 2022.

The accumulated losses stood at SAR 40.87 million, representing 11.35% of the company’s capital.

Total comprehensive losses for the current period amounted to SAR 69.51 million, compared to SAR 142.42 million for the same period of the previous year.

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