SACO Records Losses of SR13.87 mln in the 3Q

The Saudi Company for Tools and Tools “SACO” incurred losses of SR13.87 million during the third quarter, compared to profits of SR16.48 million during the same quarter of the previous year.

This came after the Saudi Company for Tools and Tools “SACO” announced on Wednesday its interim financial results for the period ending on 2021-09-30 (nine months)

The operational loss amounted to SR2.97 million during the third quarter, compared to a profit of SR28.81 million during the same quarter of the previous year.

The total profit amounted to SR37.38 million during the third quarter, compared to a total profit of SR67.24 million during the same quarter of the previous year, a decrease of 44.41%.

The net profit after zakat and tax during the current period amounted to SR16.2 million, compared to SR61.34 million during the same period of the previous year, a decrease of 73.59%.

Profits per share during the current period amounted to SR0.45, compared to SR1.7 during the same period of the previous year.

The reason for the loss for the current quarter compared with the same quarter of the previous year was due to:

Decrease in sales by 11.3% during this quarter compared to the same quarter of the previous year which was partially associated with the delay in receiving imported goods and the increase in the freight and shipping cost due to the supply chain crisis and the global container and shipping shortages.

Impairment loss on non-financial assets which are not recurring in nature amounting to SAR14.83M.

Increase in the S&M expenses.

The reason of the loss for the current quarter compared to the previous quarter was due to the following:

Decrease in sales by 8.6% during this quarter compared to the previous quarter of this year.

 Impairment loss on non-financial assets which are not recurring in nature amounting to SAR14.83M.

Increase in the G&A expenses.

Increase in the finance cost.