SACO Records SAR 69 Million Losses by End of 2023, Marking a 52% Decline

Saudi Company for Hardware “SACO” recorded losses of 69 million riyals during the year 2023, compared to losses of 143 million riyals in the year 2022, a 52% decline. This came after today’s announcement of the annual financial results ending on December 31, 2023.

The operating loss in the current year amounted to 49 million riyals, compared to a loss of 108 million riyals in the year 2022, a decrease of 55%.

While the loss per share in the current year amounted to 1.92 riyals, compared to a loss of 3.96 riyals in the year before last.

The reason behind having lower sales during this year compared to the previous year is due to the stagnation in the retail market in general, and due to selling a significant portion of the old inventory at clearance prices, in addition to delays in the arrival of newly sourced products.

The reason for the decrease in loss during the current year compared to the previous year is due to the improvement in gross profit by SAR 36.5 million resulting from the enhancement in the commercial terms and operational efficiency, in addition to the decrease of impairment loss on non-financial assets by SAR 21.6 million.

The drop in administrative and general expenses, selling and marketing expenses, financing charges, and Zakat charges also contributed to the decrease in the loss during the current year compared to the previous year.

The Company said that the Comparative period figures have been reclassified to conform with current period classification numbers.