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SACO’s profit rises 7.2% in Q3

SACO’s profit rises 7.2% in Q3
The company’s net profits declined 36.7% to SAR 59.4 million during the first nine months of 2018
SACO
4008
-0.56% 26.50 -0.15

Riyadh – Mubasher: The Saudi Company for Hardware (SACO) on Wednesday 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.

By 11:12 am Saudi time, SACO’s stock increased 9.97% to SAR 78.30.