Financial Results : SACO trims losses to SAR 8.5M in H1 2024, SAR 4M in Q2

SACO trims losses to SAR 8.5M in H1 2024, SAR 4M in Q2

01/08/2024 Argaam Exclusive

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Saudi Company for Hardware (SACO) narrowed its net loss to SAR 8.5 million in H1 2024, from SAR 32.5 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 471.70 469.11 (0.5 %)
Gross Income 55.56 64.73 16.5 %
Operating Income (16.79) (5.02) 70.1 %
Net Income (32.45) (8.53) 73.7 %
Average Shares 36.00 36.00 -
EPS (Riyals) (0.90) (0.24) 73.7 %

The company said its gross profits improved, other revenues rose and general and administrative expenses edged down. This led to lower net losses, despite a decline in sales of some seasonal segments.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 231.43 236.52 2.2 %
Gross Income 27.70 30.86 11.4 %
Operating Income (8.04) (4.24) 47.3 %
Net Income (15.94) (3.98) 75.0 %
Average Shares 36.00 36.00 -
EPS (Riyals) (0.44) (0.11) 75.0 %

SACO’s net losses decreased 75% to SAR 4 million in the second quarter of 2024 from SAR 15.94 million in Q2 2023.

 

Sequentially, SACO tightened losses by 12.5% from SAR 4.5 million in Q1 2024.

 

Shareholders' equity, no minority interest, at the end of June 30, 2024, amounted to SAR 331.85 million, compared to SAR 381.32 million in the same period last year.

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