Riyadh – Mubasher: Saudi Company for Hardware (SACO) has posted a 40% year-on-year profit decline during the third quarter of the fiscal year 2019.

The company’s net profit after zakat and tax went down to SAR 14.64 million in Q3-19, compared to SAR 24.43 million the year before, according to a bourse statement released on Thursday.

SACO ascribed the decline in its profits to the increase in the administrative and general expenses, along with the decrease in other income.

In the first nine months of 2019, the Tadawul-listed company’s net profit after zakat and tax shrank by 6.43% to SAR 55.58 million in the year-ago period.

SACO’s profit reached SAR 21.69 million in Q2-19 versus SAR 20.38 million in the corresponding period in 2018.