SACO reports 6% profit decline in 9M 2019

31/10/2019 Argaam Exclusive

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Share Price

Saudi Company for Hardware (SACO)

Saudi Company for Hardware (SACO) reported a net profit of SAR 55.6 million for the first 9 months of 2019, a fall of 6.4 percent year-on-year (YoY), driven by higher zakat expenses, higher cost of finance and increased general and administrative expenses (G&As).

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	1,004.86	1,065.68	6.1 %
Gross Income	173.19	195.82	13.1 %
Operating Income	69.49	89.19	28.3 %
Net Income	59.40	55.58	(6.4 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	1.65	1.54	(6.4 %)

SACO’s net profit after zakat and tax for Q3 2019 dropped 40.07 percent YoY to SAR 14.6 million, due to higher G&As, higher cost of finance and higher zakat expenses.

On a sequential basis, Q3 2019 net profit declined 32.5 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	340.17	351.61	3.4 %
Gross Income	64.44	67.13	4.2 %
Operating Income	27.80	26.45	(4.8 %)
Net Income	24.43	14.65	(40.0 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.68	0.41	(40.0 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	343.83	351.61	2.3 %
Gross Income	64.84	67.13	3.5 %
Operating Income	32.88	26.45	(19.6 %)
Net Income	21.69	14.65	(32.5 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.60	0.41	(32.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	668.69	-	242.93	-	55.19	-	1.53
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	831.08	24.3 %	188.76	(22.3 %)	76.82	39.2 %	2.13
Q1 2013	235.95	-	51.43	-	21.91	-	0.61
Q2 2013	250.04	-	58.02	-	24.09	-	0.67
Q3 2013	247.86	-	50.19	-	23.30	-	0.65
Q4 2013	227.44	-	59.10	-	33.44	-	0.93
2013	961.28	15.7 %	218.74	15.9 %	102.74	33.8 %	2.85
Q1 2014	228.78	(3.0 %)	55.47	7.8 %	25.64	17.0 %	0.71
Q2 2014	293.71	17.5 %	74.84	29.0 %	37.67	56.4 %	1.05
Q3 2014	248.61	0.3 %	55.97	11.5 %	16.61	(28.7 %)	0.46
Q4 2014	313.76	38.0 %	65.22	10.4 %	30.10	(10.0 %)	0.84
2014	1,084.85	12.9 %	251.49	15.0 %	110.01	7.1 %	3.06
Q1 2015	309.45	35.3 %	66.55	20.0 %	33.83	32.0 %	0.94
Q2 2015	349.36	18.9 %	73.02	(2.4 %)	35.87	(4.8 %)	1.00
Q3 2015	265.36	6.7 %	51.73	(7.6 %)	18.50	11.4 %	0.51
Q4 2015	352.74	12.4 %	68.22	4.6 %	37.91	26.0 %	1.05
2015	1,276.91	17.7 %	259.52	3.2 %	126.11	14.6 %	3.50
Q1 2016	303.21	(2.0 %)	60.75	(8.7 %)	28.72	(15.1 %)	0.80
Q2 2016	351.49	0.6 %	71.59	(2.0 %)	37.05	3.3 %	1.03
Q3 2016	284.97	7.4 %	52.50	1.5 %	21.06	13.9 %	0.59
Q4 2016	384.42	9.0 %	75.76	11.1 %	42.14	11.2 %	1.17
2016	1,324.09	3.7 %	260.60	0.4 %	128.97	2.3 %	3.58
Q1 2017	326.29	7.6 %	62.01	2.1 %	30.76	7.1 %	0.85
Q2 2017	376.33	7.1 %	76.65	7.1 %	40.36	8.9 %	1.12
Q3 2017	322.91	13.3 %	61.14	16.5 %	22.79	8.2 %	0.63
Q4 2017	429.85	11.8 %	84.88	12.0 %	40.99	(2.7 %)	1.14
2017	1,455.93	10.0 %	284.68	9.2 %	134.90	4.6 %	3.75
Q1 2018	321.67	(1.4 %)	53.81	(13.2 %)	14.59	(52.6 %)	0.41
Q2 2018	343.03	(8.8 %)	54.94	(28.3 %)	20.38	(49.5 %)	0.57
Q3 2018	340.17	5.3 %	64.44	5.4 %	24.43	7.2 %	0.68
Q4 2018	385.61	(10.3 %)	76.72	(9.6 %)	38.48	(6.1 %)	1.07
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	97.88	(27.4 %)	2.72
Q1 2019	370.24	15.1 %	63.85	18.6 %	19.24	31.9 %	0.53
Q2 2019	343.83	0.2 %	64.84	18.0 %	21.69	6.4 %	0.60
Q3 2019	351.61	3.4 %	67.13	4.2 %	14.65	(40.0 %)	0.41

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	668.69	-	242.93	-	55.19	-	1.53
2012	831.08	24.3 %	188.76	(22.3 %)	76.82	39.2 %	2.13
2013	961.28	15.7 %	218.74	15.9 %	102.74	33.8 %	2.85
2014	1,084.85	12.9 %	251.49	15.0 %	110.01	7.1 %	3.06
2015	1,276.91	17.7 %	259.52	3.2 %	126.11	14.6 %	3.50
2016	1,324.09	3.7 %	260.60	0.4 %	128.97	2.3 %	3.58
2017	1,455.93	10.0 %	284.68	9.2 %	134.90	4.6 %	3.75
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	97.88	(27.4 %)	2.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	36.33 %	9.52 %	8.33 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	22.71 %	12.17 %	9.24 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	22.76 %	13.03 %	10.69 %
2013	22.76 %	13.03 %	10.69 %
Q1 2014	23.35 %	13.76 %	11.16 %
Q2 2014	24.01 %	14.60 %	12.03 %
Q3 2014	24.57 %	14.26 %	11.35 %
Q4 2014	23.18 %	13.32 %	10.11 %
2014	23.18 %	13.32 %	10.11 %
Q1 2015	22.53 %	13.19 %	10.12 %
Q2 2015	21.35 %	12.71 %	9.51 %
Q3 2015	20.72 %	12.77 %	9.53 %
Q4 2015	20.32 %	12.69 %	9.52 %
2015	20.32 %	12.69 %	9.52 %
Q1 2016	19.97 %	12.41 %	9.17 %
Q2 2016	19.82 %	12.49 %	9.25 %
Q3 2016	19.58 %	12.51 %	9.30 %
Q4 2016	19.68 %	13.01 %	9.74 %
2016	19.68 %	13.01 %	9.74 %
Q1 2017	19.44 %	12.97 %	9.72 %
Q2 2017	19.45 %	13.13 %	9.79 %
Q3 2017	19.54 %	13.17 %	9.65 %
Q4 2017	19.56 %	12.92 %	9.27 %
2017	19.55 %	12.91 %	9.27 %
Q1 2018	19.06 %	12.03 %	8.18 %
Q2 2018	17.97 %	11.04 %	6.97 %
Q3 2018	17.99 %	11.02 %	7.00 %
Q4 2018	17.97 %	11.17 %	7.04 %
2018	17.97 %	11.17 %	7.04 %
Q1 2019	18.06 %	12.83 %	7.12 %
Q2 2019	18.74 %	14.70 %	7.21 %
Q3 2019	18.78 %	15.66 %	6.48 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	-	-	-
2011	36.33 %	9.52 %	8.33 %
2012	22.71 %	12.17 %	9.24 %
2013	22.76 %	13.03 %	10.69 %
2014	23.18 %	13.32 %	10.11 %
2015	20.32 %	12.69 %	9.52 %
2016	19.68 %	13.01 %	9.74 %
2017	19.55 %	12.91 %	9.27 %
2018	17.97 %	11.17 %	7.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	21.80 %	11.88 %	9.29 %
Q2 2013	23.20 %	12.08 %	9.64 %
Q3 2013	20.25 %	11.70 %	9.40 %
Q4 2013	25.98 %	16.72 %	14.70 %
Q1 2014	24.25 %	14.89 %	11.21 %
Q2 2014	25.48 %	15.17 %	12.83 %
Q3 2014	22.51 %	10.34 %	6.68 %
Q4 2014	20.79 %	12.81 %	9.50 %
Q1 2015	21.51 %	13.98 %	10.93 %
Q2 2015	20.90 %	13.18 %	10.27 %
Q3 2015	19.50 %	10.77 %	6.97 %
Q4 2015	19.34 %	12.53 %	9.47 %
Q1 2016	20.03 %	12.81 %	9.47 %
Q2 2016	20.37 %	13.45 %	10.54 %
Q3 2016	18.42 %	10.99 %	7.39 %
Q4 2016	19.71 %	14.25 %	10.96 %
Q1 2017	19.00 %	12.69 %	9.43 %
Q2 2017	20.37 %	13.98 %	10.73 %
Q3 2017	18.94 %	11.44 %	7.06 %
Q4 2017	19.75 %	13.27 %	9.54 %
Q1 2018	16.73 %	8.70 %	4.54 %
Q2 2018	16.01 %	10.05 %	5.94 %
Q3 2018	18.94 %	11.37 %	7.18 %
Q4 2018	19.90 %	14.06 %	9.98 %
Q1 2019	17.25 %	15.46 %	5.20 %
Q2 2019	18.86 %	17.89 %	6.31 %
Q3 2019	19.09 %	15.47 %	4.17 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	36.00	-	-	5.90
Q2 2013	36.00	-	-	5.88
Q3 2013	36.00	-	-	6.52
Q4 2013	36.00	2.85	2.85	7.45
Q1 2014	36.00	2.96	2.96	8.17
Q2 2014	36.00	3.33	3.33	9.21
Q3 2014	36.00	3.15	3.15	9.67
Q4 2014	36.00	3.06	3.05	10.51
Q1 2015	36.00	3.28	3.28	11.45
Q2 2015	36.00	3.23	3.23	12.45
Q3 2015	36.00	3.29	3.28	12.96
Q4 2015	36.00	3.50	3.38	12.68
Q1 2016	36.00	3.36	3.24	13.29
Q2 2016	36.00	3.39	3.27	13.32
Q3 2016	36.00	3.47	3.34	13.90
Q4 2016	36.00	3.58	3.58	14.07
Q1 2017	36.00	3.64	3.64	14.93
Q2 2017	36.00	3.73	3.73	16.05
Q3 2017	36.00	3.78	3.78	15.51
Q4 2017	36.00	3.75	3.75	16.65
Q1 2018	36.00	3.30	3.30	15.99
Q2 2018	36.00	2.74	2.74	16.55
Q3 2018	36.00	2.79	2.79	16.57
Q4 2018	36.00	2.72	2.72	17.63
Q1 2019	36.00	2.85	2.85	15.85
Q2 2019	36.00	2.88	2.88	15.45
Q3 2019	36.00	2.61	2.61	14.86

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	-	-	-	-
2011	36.00	1.53	1.55	4.69
2012	36.00	2.13	2.13	5.99
2013	36.00	2.85	2.85	7.45
2014	36.00	3.06	3.05	10.51
2015	36.00	3.50	3.38	12.68
2016	36.00	3.58	3.58	14.07
2017	36.00	3.75	3.75	16.65
2018	36.00	2.72	2.72	17.63

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	27.52	27.59	7.15
Q3 2015	20.09	20.14	5.09
Q4 2015	18.94	19.64	5.23
Q1 2016	17.03	17.69	4.31
Q2 2016	17.42	18.08	4.44
Q3 2016	11.62	12.06	2.90
Q4 2016	15.89	15.89	4.04
Q1 2017	16.53	16.53	4.03
Q2 2017	18.94	18.94	4.40
Q3 2017	19.09	19.09	4.65
Q4 2017	19.48	19.48	4.38
Q1 2018	26.67	26.67	5.50
Q2 2018	27.99	27.99	4.64
Q3 2018	18.62	18.62	3.13
Q4 2018	24.35	24.35	3.75
Q1 2019	25.49	25.49	4.58
Q2 2019	23.57	23.57	4.40
Q3 2019	24.30	24.30	4.27

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	18.94	19.64	5.23
2016	15.89	15.89	4.04
2017	19.48	19.48	4.38
2018	24.35	24.35	3.75

Business Segments (Million)

Compared With The

Period	Sales and Services	Logistics services	Retail sector	Wholesale sector
Q1 2014	-	-	226.13	2.65
Q2 2014	-	-	289.37	4.34
Q3 2014	-	-	244.04	4.57
Q4 2014	-	-	309.31	4.44
Q1 2015	-	-	305.27	4.18
Q2 2015	-	-	345.35	4.01
Q3 2015	-	-	261.48	3.89
Q4 2015	-	-	349.28	3.46
Q1 2016	303.21	-	-	-
Q2 2016	351.49	-	-	-
Q3 2016	284.97	-	-	-
Q4 2016	382.52	-	-	-
Q1 2017	323.49	2.79	-	-
Q2 2017	373.84	2.49	-	-
Q3 2017	320.88	2.60	-	-
Q4 2017	427.08	2.77	-	-
Q1 2018	317.69	3.98	-	-
Q2 2018	341.65	1.37	-	-
Q3 2018	337.70	2.47	-	-
Q4 2018	382.79	2.82	-	-
Q1 2019	367.49	2.75	-	-
Q2 2019	342.52	1.31	-	-
Q3 2019	348.74	2.87	-	-

Period	Sales and Services	Logistics services	Retail sector	Wholesale sector
2014	-	-	1,068.85	15.99
2015	-	-	1,261.38	15.54
2016	1,322.18	1.91	-	-
2017	1,445.29	10.64	-	-
2018	1,379.83	10.64	-	-

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	28.65	14.65	(48.9 %)

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
AlJazira Capital	26.20	14.65	(44.1) %
OSOOL AND BAKHEET	31.10	14.65	(52.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,332.00
Enterprise Value (EV) (M)	1,383.96
Shares Outstanding ((M))	36.00
EPS ( Riyal) (TTM)	(1.92)
Book Value (BV) ( Riyal)	9.55
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.87
Return on Average Assets (%) (TTM)	(5.52 )
Return on Average Equity (%) (TTM)	(18.21 )

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SACO reports 6% profit decline in 9M 2019

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Share Price

Saudi Company for Hardware (SACO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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SACO reports 6% profit decline in 9M 2019

View other reports

Share Price

Saudi Company for Hardware (SACO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)