SACO targets 10% of revenue from e-sales in next 3 years: CEO

Haytham Al-Hamidi, CEO of SACO

Saudi Company for Hardware (SACO) is aiming e-sales to account for 10% of total revenue over the next three years, CEO Haytham Al-Hamidi told Argaam in an exclusive.

The company reported a significant improvement in sales from the e-platform, especially after the new platform launch.

SACO’s performance improved in 2020, particularly in the fourth quarter of the year, amid various initiatives. The company saw better profit margins, lower expenses, in addition to a remarkable increase in e-sales, Al-Hamidi added.

The company acquired warehouses in Riyadh during the first quarter of 2021 to replace the ones currently leased, in order to reduce costs, and improve operating performance, efficiency and warehousing operations, including supply and storage.

SACO is eying to open three to four branches this year, Al-Hamidi noted, ruling out any current plans for expansions outside the Kingdom. The company is currently focusing on opening new branches in major cities, especially those where SACO has no presence yet.

Speaking of the potential acquisition of other firms, Al-Hamidi added: “We are studying all serious and feasible opportunities, which integrate our strategic plans and achieve the interest of our customers and shareholders.”

SACO’s 2020 net profit jumped 39% to SAR 85.5 million, from a net profit of SAR 61.6 million a year earlier, Argaam reported.