Riyadh – Mubasher: Saudi Company for Hardware (SACO) on Wednesday reported a 6% year-on-year drop in net profit during the fourth quarter of 2018.

SACO’s profits after calculating Zakat and Tax amounted to SAR 38.48 million ($10.26 million) in Q4-18, compared to SAR 40.99 million ($10.93 million) in Q4-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the fourth-quarter profit decrease to a 10.3% decline in revenues to SAR 385 million, from SAR 429.85 million, coupled with a rise in administrative, general, and Zakat expenses.

Operating profits slid 6.4%, reaching SAR 42.87 million in Q4-18, compared to SAR 45.78 million during Q4-17.

Quarter-on-quarter, profits surged 58% in the October-December period of 2018, from SAR 24.43 million.

From January to December 2018, SACO’s profits after calculating Zakat and Tax fell 27% to SAR 97.88 million, down from SAR 134.9 million in 2017.

Sales tumbled 4.4% to SAR 1.39 billion last year, from SAR 1.45 billion in 2017.

Operating profits slumped 25%, logging SAR 112.36 million in 2018, compared to SAR 149.94 million in the year before.

The value of total shareholders’ equity, excluding the minority interest, rose 6% to SAR 634.83 million, from SAR 599.5 million.

Earnings per share (EPS) reached SAR 2.72 in 2018, down from SAR 3.75 in the previous year.

By 11:57 am Saudi time, SACO's stock went up 1.06% to SAR 66.80.