Saudi Company for Hardware (SACO) narrowed its net loss to SAR 44.7 million in the first nine months of 2023, from a loss of SAR 65.3 million in the same period a year ago, as commercial terms and operational efficiency improved.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 824.64 | 691.14 | (16.2 %) |
| Gross Income | 91.34 | 37.35 | (59.1 %) |
| Operating Income | (38.81) | (69.00) | (77.8 %) |
| Net Income | (65.29) | (44.65) | 31.6 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (1.81) | (1.24) | 31.6 % |
In addition, administrative, general, selling and marketing expenses edged lower, along with a decline in financing costs.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 254.13 | 219.44 | (13.6 %) |
| Gross Income | 3.70 | (18.21) | (592.3 %) |
| Operating Income | (38.39) | (52.21) | (36.0 %) |
| Net Income | (45.87) | (12.20) | 73.4 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (1.27) | (0.34) | 73.4 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 231.43 | 219.44 | (5.2 %) |
| Gross Income | 27.70 | (18.21) | (165.7 %) |
| Operating Income | (8.04) | (52.21) | (549.1 %) |
| Net Income | (15.94) | (12.20) | 23.5 % |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (0.44) | (0.34) | 23.5 % |
SACO’s net losses decreased 73.4% to SAR 12.2 million in the third quarter of 2023 from SAR 45.87 million in Q3 2022. The company said it booked inventory provision of SAR15 million in Q3 2022.
Sequentially, SACO tightened losses by 23.4% from SAR 15.94 million in Q2 2023.
Shareholders' equity, no minority interest, at the end of 9M 2023 amounted to SAR 369.12 million, compared to SAR 489.46 million in the same period last year.
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