Riyadh – Mubasher: Saudi Company for Hardware (SACO) on Sunday posted a 4.6% increase in net profit during 2017, registering SAR 134.9 million, compared to SAR 128.97 million a year earlier.

The increase in net profit can be attributed to the growth of sales volume due to adding new three branches, in addition to the revenues of Medscan, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Estimate sales and revenues recorded SAR 1.46 billion in the last fourth quarters versus SAR 1.32 billion in the year-ago period, SACO’s data showed.

The board of the Tadawul-listed firm recommended the distribution of SAR 36 million in cash dividends with a dividend per share of SAR 1.5, representing 15% of the share’s nominal value, the Saudi Arabia-based company revealed.

The dividends are planned to be distributed on 21 March 2018, the company added.

"The eligibility of dividends shall be for the shareholders owning shares on the due on 4 March 2018 and registered in the banks share registry at the Depository Center (SDC) at the end of the second trading day following the due date", SACO concluded.