Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 15.6 million for Q1 2021, a 33% increase from SAR 11.7 million in the same period last year.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 358.04 | 337.63 | (5.7 %) |
| Gross Income | 62.40 | 68.26 | 9.4 % |
| Operating Income | 25.53 | 27.24 | 6.7 % |
| Net Income | 11.72 | 15.63 | 33.4 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.33 | 0.43 | 33.4 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 402.05 | 337.63 | (16.0 %) |
| Gross Income | 80.84 | 68.26 | (15.6 %) |
| Operating Income | 45.59 | 27.24 | (40.2 %) |
| Net Income | 24.19 | 15.63 | (35.4 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.67 | 0.43 | (35.4 %) |
The increase in profit was attributed to improvement in gross profit margin, decrease in sales and marketing expenses, higher other income and lower finance costs.
When compared to the previous quarter, the firm’s net profit after Zakat and tax declined 35.4% in Q1 2021.
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