SACO Reports 75% Reduction in Q2 Losses, Declaring SAR 3.9 Million

Saudi Company for Hardware (SACO) reported a significant reduction in net losses for the second quarter of 2024, which decreased to SAR 3.9 million from SAR 15.9 million in the same period last year, marking a 75% improvement.

The company announced its preliminary financial results for the six-month period ending June 30, 2024. Operating losses also saw a notable decline, reaching SAR 4.2 million in Q2 compared to SAR 8 million in the previous year, representing a 47.2% reduction.

Total equity, after excluding non-controlling interests, stood at SAR 331.8 million for the six-month period, down 12.9% from SAR 381.3 million in the same period last year. The loss per share for the current period was SAR 0.24, a substantial decrease from SAR 0.90 in the previous year.