SACO narrows net loss to SAR 17.5M in 9M 2024, Q3 at SAR 9M

07/11/2024 Argaam Exclusive

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Saudi Company for Hardware (SACO) narrowed its net loss to SAR 17.5 million in the first nine months of 2024, from a loss of SAR 44.7 million in the same period a year ago.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	691.14	714.56	3.4 %
Gross Income	37.35	97.78	161.8 %
Operating Income	(69.00)	(9.37)	86.4 %
Net Income	(44.65)	(17.51)	60.8 %
Average Shares	36.00	36.00	-
EPS (Riyals)	(1.24)	(0.49)	60.8 %

The results improved mainly due to higher sales on the introduction of new categories and products. SACO also noted an improvement in logistics services.

The company reported higher gross profit, in addition to the drop in general and administrative expenses and the increase in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	219.44	245.45	11.8 %
Gross Income	(18.21)	33.06	281.6 %
Operating Income	(52.21)	(4.36)	91.7 %
Net Income	(12.20)	(8.98)	26.4 %
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.34)	(0.25)	26.4 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	236.52	245.45	3.8 %
Gross Income	30.86	33.06	7.1 %
Operating Income	(4.24)	(4.36)	(2.8 %)
Net Income	(3.98)	(8.98)	(125.5 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.11)	(0.25)	(125.5 %)

SACO trimmed net losses to SAR 9 million in the third quarter of 2024 from SAR 12.2 million in Q3 2023.

Sequentially, SACO expanded losses from nearly SAR 4 million in Q2 2024.

Accumulated losses reached SAR 33.11 million by Sept. 30, 2024, accounting for 9.2% of capital.

Shareholders' equity, no minority interest, at the end of 9M 2024 amounted to SAR 322.87 million, compared to SAR 369.12 million in the same period last year.

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