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SACO logs SAR 19.2m profit in Q1 on higher sales

SACO logs SAR 19.2m profit in Q1 on higher sales
The firm attributed the rise in Q1-19 profits to a growth in sales
SACO
4008
42.45% 37.75 11.25

Riyadh – Mubasher: Saudi Company for Hardware (SACO) reported a 31.87% year-on-year increase in profits during the first quarter of 2019.

SACO’s profits reached SAR 19.24 million in Q1-19, compared to SAR 14.59 million during Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The firm attributed the rise in Q1-19 profits to a growth in sales due to boosting the number of stores to 32 from 29, in addition to an increase in other revenues.

The profit increase was also attributed to a decrease in general and administrative expenses.

Quarter-on-quarter, SACO’s profits slumped 50% from SAR 38.48 million in Q4-18.