SACO records SAR 16.5 million in losses during Q1

Saudi Company for Hardware recorded a net loss after zakat and tax in the first quarter of SAR 16.5 million, compared to a profit of SAR 1.1 million in the same quarter of last year. This came after the announcement on Wednesday of the interim financial results for the period ended on 31.03.2023 (three months).

The operational loss amounted to SAR 8.7 million in the first quarter, compared to a profit of SAR 12.4 million in the same quarter of the previous year.

The total shareholders’ equity “without minority rights” amounted to SAR 397.2 million in the current period, compared to SAR 557.2 million in the same period last year, a decrease of 28.7%.

Loss per share in the current period reached SAR 0.46, compared to SAR 0.03 in the same period last year.

The reason for the loss during this quarter was mainly due to the drop in sales of compared with the same quarter of the previous year.

The reason for the decrease in the loss during the current quarter compared to the previous quarter was due to an increase in inventory provisions and impairment loss on non-financial assets booked during the previous quarter.