Financial Results : SACO turns to losses of SAR 16.5 mln in Q1 2023

SACO turns to losses of SAR 16.5 mln in Q1 2023

17/05/2023 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net loss of SAR 16.5 million in Q1 2023, against a profit of SAR 1.1 million a year earlier on lower sales. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 319.51 240.27 (24.8 %)
Gross Income 56.06 27.86 (50.3 %)
Operating Income 12.46 (8.75) (170.2 %)
Net Income 1.11 (16.52) (1592.4 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 0.03 (0.46) (1592.4 %)

Sequentially, the company narrowed its losses from SAR 77.2 million in Q4 2022, as the previous quarter contained inventory provisions and impairment loss on non-financial assets.

 

Total shareholders’ equity, no minority interest, stood at SAR 397.25 million as of March 31, 2023, compared to SAR 557.29 million a year earlier.

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