Financial Results : SACO narrows losses to SAR 4.6M in Q1 2024

SACO narrows losses to SAR 4.6M in Q1 2024

19/05/2024 Argaam Exclusive

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Saudi Company for Hardware (SACO) narrowed its net loss to SAR 4.6 million in Q1 2024, from SAR 16.5 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 240.27 232.60 (3.2 %)
Gross Income 27.86 33.87 21.6 %
Operating Income (8.75) (0.78) 91.1 %
Net Income (16.52) (4.55) 72.5 %
Average Shares 36.00 36.00 -
EPS (Riyals) (0.46) (0.13) 72.5 %

The decline in losses was due to the improvement in gross profit of SAR 6 million due to the enhancement in the commercial terms and operational efficiency.

 

The company also cited higher gross profit and lower general and administrative expenses, as well as a rise in other income.

 

This was despite a decrease in sales due to seasonality factor.

 

Sequentially, the company cut its losses from SAR 24.3 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 335.1 million as of March 31, 2024, compared to SAR 397.3 million a year earlier.

 

Accumulated losses reached SAR 45.42 million by the end of Q1 2024, representing 13% of capital.

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