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 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	240.27	231.43	(3.7 %)
Gross Income	27.86	27.70	(0.6 %)
Operating Income	(8.75)	(8.04)	8.1 %
Net Income	(16.52)	(15.94)	3.5 %
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.46)	(0.44)	3.5 %

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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