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.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 471.70 | 469.11 | (0.5 %) |
| Gross Income | 55.56 | 64.72 | 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.
| 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) | (443.6 %) |
| 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.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SABIC | 759.61 | 2,180.00 | 187.0 % |
| 2P | 34.80 | 58.77 | 68.9 % |
| CARE | 64.58 | 69.50 | 7.6 % |
| BUDGET SAUDI | 68.97 | 70.17 | 1.7 % |
| SSP | 53.60 | 51.76 | (3.4 %) |
| MARAFIQ | 98.00 | 65.34 | (33.3 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SABIC | 759.61 | 2,180.00 | 187.0 % |
| 2P | 34.80 | 58.77 | 68.9 % |
| SIIG | 54.30 | 64.00 | 17.9 % |
| CARE | 64.58 | 69.50 | 7.6 % |
| BUDGET SAUDI | 68.97 | 70.17 | 1.7 % |
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