Saudi Company for Hardware (SACO) turned to a net loss after Zakat and tax of SAR 65.3 million in the first nine months of 2022, from a profit of SAR 16.2 million in the same period a year ago.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 957.13 | 824.64 | (13.8 %) |
| Gross Income | 169.55 | 91.34 | (46.1 %) |
| Operating Income | 47.23 | (38.81) | (182.2 %) |
| Net Income | 16.20 | (65.29) | (503.0 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | 0.45 | (1.81) | (503.0 %) |
The losses were attributed to lower sales, higher cost of revenue due to booking additional inventory provision of SAR 15 million, and, an increase in general and administrative expenses.
SACO deepened net losses after Zakat and tax to SAR 45.9 million in the third quarter of 2022 from a net loss of SAR 13.9 million in Q3 2021, due to lower sales and higher cost of revenue.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 295.83 | 254.13 | (14.1 %) |
| Gross Income | 38.48 | 3.70 | (90.4 %) |
| Operating Income | (2.97) | (38.39) | (1,193.8 %) |
| Net Income | (13.88) | (45.87) | (230.6 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (0.39) | (1.27) | (230.6 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 251.00 | 254.13 | 1.2 % |
| Gross Income | 31.59 | 3.70 | (88.3 %) |
| Operating Income | (12.89) | (38.39) | (197.8 %) |
| Net Income | (20.53) | (45.87) | (123.5 %) |
| Average Shares | 36.00 | 36.00 | - |
| EPS (Riyals) | (0.57) | (1.27) | (123.5 %) |
Sequentially, SACO widened losses from SAR 20.5 million in Q2 2022, due to higher cost of revenue.
Shareholders' equity, after minority interest, at the end of 9M 2022 amounted to SAR 489.46 million, compared to SAR 599.73 million in the same period last year.
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