SACO’s losses decreased by 72.4% during the first quarter to 4.5 million riyals

TheSaudi Company for Hardware (SACO) revealed that the net loss during the first quarter decreased to 4.5 million riyals, compared to 16.5 million riyals in the same quarter of last year, by 72.4%. This came after today’s announcement of the preliminary financial results for the period ending on March 31, 2024 (three months).

The operating loss amounted to 0.78 million riyals in the first quarter, compared to 8.7 million riyals in the same quarter of the previous year, a decrease of 91%.

Total shareholders’ equity (excluding minority rights) amounted to 335 million riyals in the three-month period, compared to 397.3 million riyals in the same period last year, a decrease of 15.6%.

The loss per share in the current period reached 0.13 riyals, compared to 0.46 riyals in the same period last year.

The decrease in sales during the current quarter compared to the same quarter of the previous year is due to the decrease in sales of some seasonal departments.

The reason for the decrease in loss during the current quarter compared to the same quarter of the previous year is due to the improvement in gross profit by SAR 6 million resulting from the enhancement in the commercial terms and operational efficiency.

The drop in general and administrative expenses and the increase in other income also contributed to the decrease in the loss during the current quarter compared to the same quarter of the previous year.

The decrease in sales during the current quarter compared to the previous quarter is due to decreased sales departments related to the winter season.

The reason for the decrease in loss during the current quarter compared to the previous quarter is mainly due to the improvement in the gross profit, in addition to the drop in general and administrative expenses and the increase in other income.