Saudi Company for Hardware (SACO) plans to open four showrooms in 2018, and another seven branches during 2019-2020, as part of its expansion plans in Saudi Arabia and the GCC, chief executive Sameer Alhamidi told CNBC Arabia TV.
SACO currently holds a 5-6 percent market share, and has a diversified product portfolio, Alhamidi said.
Potential expansions in the future will be financed through internal cash flows and bank loans, he added.
SACO posted a net profit of SAR 134.9 million for fiscal year 2017, up 4.6 percent year-on-year (YoY) due to higher sales.
The company’s results were positive, despite a marginal decline in Q4 figures due to operating expenses, the chief executive said.
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