Saudi Company for Hardware reports profit decline to SR1.11 mln in 1Q

Saudi Company for Hardware announced that its profits after zakat and tax declined 93% to SR 1.11 million in the first quarter of 2022 compared to 16 million during the same period of 2021.

This came after Saudi Company for Hardware announcement on Thursday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit fell 54% to SR 12 million in the 1^st quarter of the current year from SR 27 million in the same period of the previous year.

Gross profit of Saudi Company for Hardware plunged 16% to SR 56 million in the first quarter of this year from SR 67 million a year ago, while the profit per share slid to SR 0.03 from SR 0.43.