Saudi Co. for Hardware Co. (SACO) reported a net loss of SAR 32.5 million for H1 2023, up from SAR 19.4 million a year earlier on lower sales.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 570.50 | 471.70 | (17.3 %) |
| Gross Income | 87.64 | 55.56 | (36.6 %) |
| Operating Income | (0.43) | (16.79) | (3,832.8 %) |
| Net Income | (19.42) | (32.45) | (67.1 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (0.54) | (0.90) | (67.1 %) |
The company narrowed its losses in Q2 2023 to SAR 15.9 million, from SAR 20.5 million in Q2 2022 due to lower operating expenses, along with general, administrative, selling and marketing costs.
Sequentially, SACO trimmed losses from SAR 16.5 million in Q1 2023 on lower operating expenses and financing cost.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 251.00 | 231.43 | (7.8 %) |
| Gross Income | 31.59 | 27.70 | (12.3 %) |
| Operating Income | (12.89) | (8.04) | 37.6 % |
| Net Income | (20.53) | (15.94) | 22.4 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (0.57) | (0.44) | 22.4 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 240.27 | 231.43 | (3.7 %) |
| Gross Income | 27.86 | 27.70 | (0.6 %) |
| Operating Income | (8.75) | (8.04) | 8.1 % |
| Net Income | (16.52) | (15.94) | 3.5 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (0.46) | (0.44) | 3.5 % |
Total shareholders’ equity, no minority interest, fell to SAR 381.32 million as of June 30, 2023, from SAR 536.77 million a year earlier.
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