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 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	232.60	236.52	1.7 %
Gross Income	33.87	30.86	(8.9 %)
Operating Income	(0.78)	(4.24)	(443.4 %)
Net Income	(4.55)	(3.98)	12.5 %
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.13)	(0.11)	12.5 %

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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