Saudi Company for Hardware (SACO) swung to a net loss after Zakat and tax of SAR 19.4 million in the first half of 2022, compared to a profit of SAR 30.1 million in the same period last year.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 661.29 | 570.50 | (13.7 %) |
| Gross Income | 131.06 | 87.64 | (33.1 %) |
| Operating Income | 50.19 | (0.43) | (100.9 %) |
| Net Income | 30.08 | (19.42) | (164.6 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.84 | (0.54) | (164.6 %) |
The loss was mainly due to a decline in sales and an increase in general and administrative expenses, related to the relocation and development of the company’s warehouses and supply chain process.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 323.66 | 251.00 | (22.5 %) |
| Gross Income | 62.81 | 31.59 | (49.7 %) |
| Operating Income | 22.95 | (12.89) | (156.2 %) |
| Net Income | 14.44 | (20.53) | (242.1 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.40 | (0.57) | (242.1 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 319.51 | 251.00 | (21.4 %) |
| Gross Income | 56.06 | 31.59 | (43.6 %) |
| Operating Income | 12.46 | (12.89) | (203.4 %) |
| Net Income | 1.11 | (20.53) | (1954.6 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.03 | (0.57) | (1954.6 %) |
SACO also turned to a net loss after Zakat and tax of SAR 20.5 million in Q2 2022, compared to a profit of SAR 14.44 million in Q2 2021, due to lower sales.
In Q1 2021, SACO posted a net profit of SAR 1.11 million.
Shareholders’ equity, after minority interest, stood at SAR 536.77 million as of June 30, 2022, compared to SAR 556.19 million a year earlier.
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