Saudi Company for Hardware (SACO) slid into a deeper loss of SAR 142.5 million in 2022, from SAR 28.5 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,272.50 | 1,136.54 | (10.7 %) |
| Gross Income | 192.74 | 67.62 | (64.9 %) |
| Operating Income | 13.70 | (107.75) | (886.7 %) |
| Net Income | (28.49) | (142.50) | (400.2 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (0.79) | (3.96) | (400.2 %) |
The company cited an 11.7% year-on-year (YoY) drop in the 2022 sales, and an increase in inventory provision by SAR 38.5 million. It also reported an impairment of non-financial assets at a total value of SAR 29.7 million.
In Q4 2022, net loss widened by 72.8% to SAR 77.21 million, from SAR 44.69 million in Q4 2021.
Sequentially, SACO increased losses from SAR 45.87 million in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 315.38 | 311.90 | (1.1 %) |
| Gross Income | 23.19 | (23.73) | (202.3 %) |
| Operating Income | (33.53) | (68.94) | (105.6 %) |
| Net Income | (44.69) | (77.21) | (72.8 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (1.24) | (2.14) | (72.8 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 254.13 | 311.90 | 22.7 % |
| Gross Income | 3.70 | (23.73) | (741.4 %) |
| Operating Income | (38.39) | (68.94) | (79.6 %) |
| Net Income | (45.87) | (77.21) | (68.3 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (1.27) | (2.14) | (68.3 %) |
Shareholders' equity, no minority interest, fell to SAR 413.77 million as of Dec. 31, 2022, from SAR 556.19 million a year earlier.
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