SACO reports SR20.5 mln in Q2

The net loss before zakat of Saudi Company for Hardware in the second quarter reached SR20.5 million, compared to profits of SR 14.4 million in the same quarter of last year.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The operational loss amounted to SR 12.8 million in the second quarter, compared to operational profits of SR 22.9 million in the same quarter of the last year.

The net losses before zakat in the current period amounted to SR19.4 million, compared to profits of SR 30.08 million in the same period last year.

Losses per share in the current period reached SR 0.54, compared to profit per share at SR 0.84 in the same period last year.

The reason for the loss for the current quarter compared with the same quarter of the previous year was due to drop in sales and increase in general and administrative expenses, related to the relocation and development of the Company’s distribution centers and supply chain process.

The reason for the loss during the current quarter compared to the previous quarter was mainly due to the drop in sales.

The reason for the loss during the current period compared to the same period of the previous year was due to drop in sales and increase in general and administrative expenses, related to the relocation and development of the Company’s distribution centers and supply chain process.

Reclassification of Comparison Items:

Comparative period figures have been reclassified to conform with current period classification numbers.