Riyadh – Mubasher: Saudi Company for Hardware (SACO) on Wednesday posted a 52.6% year-on-year drop in its profits during the first quarter of 2018.

SACO’s profits amounted to SAR 14.59 million in the three-month period ended March 2018, down from SAR 30.76 million during Q1-17, according to a bourse filing.

The Saudi firm attributed the drop in its first-quarter profit to a decrease in sales, coupled with a rise in sales costs and the hike of Zakat, general, and administrative expenses.

Sales and revenues fell 1.42% to SAR 321.67 million in Q1-18, from SAR 326.29 million during the same period a year earlier.

Quarter-on-quarter, SACO's profits slid 64.4% from SAR 40.99 million in the comparative period of 2017.

The stock edged down 0.47% to close Wednesday's session at SAR 123.80.