Riyadh – Mubasher: The Saudi Company for Hardware (SACO) saw a 12.57% rise in net profits after Zakat and tax to SAR 16.48 million during the third quarter (Q3) of 2020 from SAR 14.64 million in the corresponding quarter of 2019.

The increase in the company's net profits is driven by an improvement in gross profit margin, a decrease in the general and administrative expenses as well as the sale and marketing expenses, and an increase in other income, according to the company's interim financial results for the period ended on 30 September 2020.

The company's revenues declined by 5.5% to SAR 332.14 million in Q3-20 from SAR 351.61 million in the same period of 2019.

In the first nine months of 2020, the company's net profits after Zakat and tax climbed by 10.36% to SAR 61.34 million from SAR 55.58 million in the year-ago period.

The earnings per share (EPS) settled at SAR 1.7 in the January-September period of 2020, against SAR 1.54 in the corresponding period of 2019.

It is noteworthy to mention that in the second quarter (Q2) of 2020, the company's net profits grew by 52.78% to SAR 33.14 million, compared to SAR 21.69 million in the same period last year.