SACO reports 7.2% rise in profits in Q3 of 2018

As reported on Mubasher.com, the Saudi Company for Hardware (SACO) has said that net profits after calculating Zakat and Tax rose 7.2% year-on-year during the third quarter of 2018. SACO posted a profit of SAR 24.43 million ($6.51 million) in Q3-18, compared to SAR 22.79 million ($6.08 million) during Q3-17, according to a bourse filing. The firm attributed the third-quarter profit rise to a growth in sales, coupled with an improvement in sales of most of its sections, whereas financing expenses decreased.

SACO’s sales grew 5.3% to SAR 340.17 million by the end of Q3-18, compared to SAR 322.91 million in the year-ago period. Quarter-on-quarter, profits went up 19.9% during the three-month period ended September, from SAR 20.38 million. During the first nine months of 2018, the company’s net profits declined 36.7% to SAR 59.4 million, from SAR 93.91 million from January to September 2017. Revenues tumbled 2%, to SAR 1.004 billion by the end of September, from SAR 1.02 billion in the same period a year earlier.