SACO’s net profit declines 37% in 9M on lower revenue

24/10/2018 Argaam Exclusive

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Saudi Company for Hardware (SACO) net profit after zakat and tax decreased 36.74 percent year-on-year (YoY) in the first nine months of 2018 to SAR 59.4 million on lower revenue, higher general and administrative (G&A) expenses, and increased zakat expenses.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	1,026.09	1,004.86	(2.1 %)
Gross Income	199.80	173.19	(13.3 %)
Operating Income	104.16	69.49	(33.3 %)
Net Income	93.91	59.40	(36.7 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	2.61	1.65	(36.7 %)

The third-quarter net profit after zakat and tax edged up by 7.19 percent YoY to SAR 24.43 million, driven by higher revenue, as the company raised the number of its stores to 30. Higher Q3 profit was also attributed to lower financial charges and decreased zakat expenses.

Compared to Q2 2018, net profit increased 19.87 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	322.91	340.17	5.3 %
Gross Income	61.14	64.44	5.4 %
Operating Income	27.25	27.80	2.0 %
Net Income	22.79	24.43	7.2 %
Average Shares	36.00	36.00	-
EPS (Riyals)	0.63	0.68	7.2 %

Item	Q2 2018	Q3 2018	Change‬
Revenues	343.03	340.17	(0.8 %)
Gross Income	54.94	64.44	17.3 %
Operating Income	24.14	27.80	15.1 %
Net Income	20.38	24.43	19.9 %
Average Shares	36.00	36.00	-
EPS (Riyals)	0.57	0.68	19.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
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

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	-	-

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	-	-

Analysts Estimates (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change‬
Average	22.00	24.43	11.04 %

Estimates vs Actual (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change
Sico	23.00	24.43	6.2 %
OSOOL AND BAKHEET	21.00	24.43	16.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,269.00
Enterprise Value (EV) (M)	1,315.79
Shares Outstanding ((M))	36.00
EPS ( Riyal) (TTM)	(1.58)
Book Value (BV) ( Riyal)	9.31
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.79
Return on Average Assets (%) (TTM)	(4.58 )
Return on Average Equity (%) (TTM)	(15.57 )

Saudi Company for Hardware (SACO)

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SACO’s net profit declines 37% in 9M on lower revenue

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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) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Company for Hardware (SACO)

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SACO’s net profit declines 37% in 9M on lower revenue

View other reports

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 2018

Revenue by Business Segment (Latest) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Company for Hardware (SACO)

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Business Segments (Million)