Riyadh – Mubasher: The Saudi Company for Hardware (SACO) on Monday has stated that net profits slid 49.5% in the second quarter of 2018, compared to the year-ago period.

SACO logged SAR 20.38 million net profits during Q2-18, down from SAR 40.36 million in Q2-17, according to a bourse statement.

Quarter-on-quarter, profits jumped 39.7%, from SAR 14.59 million.

SACO attributed the decrease in profits to drop in sales, in other revenues, whereas administrative, general, and financing expenses increased.

Sales and revenues fell 8.9% to SAR 343.03 million during Q2-18, from SAR 376.33 million during the corresponding period a year before.

At the level of first six months of 2018, SACO profits plunged 50.8%, reaching SAR 34.94 million, compared to SAR 71.12 million in H1-17.

Sales and revenues levelled down 5.40% to SAR 664.69 million during H1-18, from SAR 702.61 million in the same six months a year before.

Earlier on Monday, SACO announced acquiring Medscan Terminal Company on 22 July, while it also said that it inaugurated four additional Technology departments in SACO world stores.

SACO’s stock decreased 2.4% to end Monday at SAR 107.