Financial Results : SACO widens losses to SAR 32.5 mln in H1 2023; Q2 at SAR 15.9 mln

SACO widens losses to SAR 32.5 mln in H1 2023; Q2 at SAR 15.9 mln

08/08/2023 Argaam Exclusive

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Saudi Co. for Hardware Co. (SACO) reported a net loss of SAR 32.5 million for H1 2023, up from SAR 19.4 million a year earlier on lower sales.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 570.50 471.70 (17.3 %)
Gross Income 87.64 55.56 (36.6 %)
Operating Income (0.43) (16.79) (3,832.8 %)
Net Income (19.42) (32.45) (67.1 %)
Average Shares 36.00 36.00 -
EPS (Riyals) (0.54) (0.90) (67.1 %)

The company narrowed its losses in Q2 2023 to SAR 15.9 million, from SAR 20.5 million in Q2 2022 due to lower operating expenses, along with general, administrative, selling and marketing costs.

 

Sequentially, SACO trimmed losses from SAR 16.5 million in Q1 2023 on lower operating expenses and financing cost.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 251.00 231.43 (7.8 %)
Gross Income 31.59 27.70 (12.3 %)
Operating Income (12.89) (8.04) 37.6 %
Net Income (20.53) (15.94) 22.4 %
Average Shares 36.00 36.00 -
EPS (Riyals) (0.57) (0.44) 22.4 %

Total shareholders’ equity, no minority interest, fell to SAR 381.32 million as of June 30, 2023, from SAR 536.77 million a year earlier.

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