SACO swings to SAR 65.3 mln net loss in 9M 2022, Q3 at SAR 45.9 mln

06/11/2022 Argaam Exclusive

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Saudi Company for Hardware (SACO) turned to a net loss after Zakat and tax of SAR 65.3 million in the first nine months of 2022, from a profit of SAR 16.2 million in the same period a year ago.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	957.13	824.64	(13.8 %)
Gross Income	169.55	91.34	(46.1 %)
Operating Income	47.23	(38.81)	(182.2 %)
Net Income	16.20	(65.29)	(503.0 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.45	(1.81)	(503.0 %)

The losses were attributed to lower sales, higher cost of revenue due to booking additional inventory provision of SAR 15 million, and, an increase in general and administrative expenses.

SACO deepened net losses after Zakat and tax to SAR 45.9 million in the third quarter of 2022 from a net loss of SAR 13.9 million in Q3 2021, due to lower sales and higher cost of revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	295.83	254.13	(14.1 %)
Gross Income	38.48	3.70	(90.4 %)
Operating Income	(2.97)	(38.39)	(1,193.8 %)
Net Income	(13.88)	(45.87)	(230.6 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.39)	(1.27)	(230.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	251.00	254.13	1.2 %
Gross Income	31.59	3.70	(88.3 %)
Operating Income	(12.89)	(38.39)	(197.8 %)
Net Income	(20.53)	(45.87)	(123.5 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	(0.57)	(1.27)	(123.5 %)

Sequentially, SACO widened losses from SAR 20.5 million in Q2 2022, due to higher cost of revenue.

Shareholders' equity, after minority interest, at the end of 9M 2022 amounted to SAR 489.46 million, compared to SAR 599.73 million in the same period last year.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2013	235.95	-	51.43	-	21.91	-	0.61
Q2 2013	250.04	-	58.02	-	24.09	-	0.67
Q3 2013	247.86	-	50.19	-	23.30	-	0.65
Q4 2013	227.44	-	59.10	-	33.44	-	0.93
2013	961.28	15.7 %	218.74	15.9 %	102.74	33.8 %	2.85
Q1 2014	228.78	(3.0 %)	55.47	7.8 %	25.64	17.0 %	0.71
Q2 2014	293.71	17.5 %	74.84	29.0 %	37.67	56.4 %	1.05
Q3 2014	248.61	0.3 %	55.97	11.5 %	16.61	(28.7 %)	0.46
Q4 2014	313.76	38.0 %	65.22	10.4 %	30.10	(10.0 %)	0.84
2014	1,084.85	12.9 %	251.49	15.0 %	110.01	7.1 %	3.06
Q1 2015	309.45	35.3 %	66.55	20.0 %	33.83	32.0 %	0.94
Q2 2015	349.36	18.9 %	73.02	(2.4 %)	35.87	(4.8 %)	1.00
Q3 2015	265.36	6.7 %	51.73	(7.6 %)	18.50	11.4 %	0.51
Q4 2015	352.74	12.4 %	68.22	4.6 %	37.91	26.0 %	1.05
2015	1,276.91	17.7 %	259.52	3.2 %	126.11	14.6 %	3.50
Q1 2016	303.21	(2.0 %)	60.75	(8.7 %)	28.72	(15.1 %)	0.80
Q2 2016	351.49	0.6 %	71.59	(2.0 %)	37.05	3.3 %	1.03
Q3 2016	284.97	7.4 %	52.50	1.5 %	21.06	13.9 %	0.59
Q4 2016	384.42	9.0 %	75.76	11.1 %	42.14	11.2 %	1.17
2016	1,324.09	3.7 %	260.60	0.4 %	128.97	2.3 %	3.58
Q1 2017	326.29	7.6 %	62.01	2.1 %	30.76	7.1 %	0.85
Q2 2017	376.33	7.1 %	76.65	7.1 %	40.36	8.9 %	1.12
Q3 2017	322.91	13.3 %	61.14	16.5 %	22.79	8.2 %	0.63
Q4 2017	429.85	11.8 %	84.88	12.0 %	40.99	(2.7 %)	1.14
2017	1,455.93	10.0 %	284.68	9.2 %	134.90	4.6 %	3.75
Q1 2018	321.67	(1.4 %)	53.81	(13.2 %)	14.59	(52.6 %)	0.41
Q2 2018	343.03	(8.8 %)	54.94	(28.3 %)	20.38	(49.5 %)	0.57
Q3 2018	340.17	5.3 %	64.44	5.4 %	24.43	7.2 %	0.68
Q4 2018	385.61	(10.3 %)	76.72	(9.6 %)	38.48	(6.1 %)	1.07
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	97.88	(27.4 %)	2.72
Q1 2019	370.24	15.1 %	63.85	18.6 %	19.24	31.9 %	0.53
Q2 2019	343.83	0.2 %	64.84	18.0 %	21.69	6.4 %	0.60
Q3 2019	351.61	3.4 %	67.13	4.2 %	14.65	(40.0 %)	0.41
Q4 2019	392.08	1.7 %	85.84	11.9 %	6.06	(84.3 %)	0.17
2019	1,457.76	4.8 %	281.66	12.7 %	61.64	(37.0 %)	1.71
Q1 2020	358.04	(3.3 %)	62.40	(2.3 %)	11.72	(39.1 %)	0.33
Q2 2020	389.53	13.3 %	85.95	32.6 %	33.14	52.8 %	0.92
Q3 2020	332.14	(5.5 %)	67.24	0.2 %	16.48	12.5 %	0.46
Q4 2020	402.05	2.5 %	80.84	(5.8 %)	24.19	299.2 %	0.67
2020	1,481.76	1.6 %	296.42	5.2 %	85.53	38.8 %	2.38
Q1 2021	337.63	(5.7 %)	68.26	9.4 %	15.63	33.4 %	0.43
Q2 2021	323.66	(16.9 %)	62.81	(26.9 %)	14.44	(56.4 %)	0.40
Q3 2021	295.83	(10.9 %)	38.48	(42.8 %)	(13.88)	(184.2 %)	(0.39)
Q4 2021	315.38	(21.6 %)	23.19	(71.3 %)	(44.69)	(284.7 %)	(1.24)
2021	1,272.50	(14.1 %)	192.74	(35.0 %)	(28.49)	(133.3 %)	(0.79)
Q1 2022	319.51	(5.4 %)	56.06	(17.9 %)	1.11	(92.9 %)	0.03
Q2 2022	251.00	(22.5 %)	31.59	(49.7 %)	(20.53)	(242.1 %)	(0.57)
Q3 2022	254.13	(14.1 %)	3.70	(90.4 %)	(45.87)	(230.6 %)	(1.27)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2012	831.08	24.3 %	188.76	(22.3 %)	76.82	39.2 %	2.13
2013	961.28	15.7 %	218.74	15.9 %	102.74	33.8 %	2.85
2014	1,084.85	12.9 %	251.49	15.0 %	110.01	7.1 %	3.06
2015	1,276.91	17.7 %	259.52	3.2 %	126.11	14.6 %	3.50
2016	1,324.09	3.7 %	260.60	0.4 %	128.97	2.3 %	3.58
2017	1,455.93	10.0 %	284.68	9.2 %	134.90	4.6 %	3.75
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	97.88	(27.4 %)	2.72
2019	1,457.76	4.8 %	281.66	12.7 %	61.64	(37.0 %)	1.71
2020	1,481.76	1.6 %	296.42	5.2 %	85.53	38.8 %	2.38
2021	1,272.50	(14.1 %)	192.74	(35.0 %)	(28.49)	(133.3 %)	(0.79)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	22.76 %	13.03 %	10.69 %
2013	22.76 %	13.03 %	10.69 %
Q1 2014	23.35 %	13.76 %	11.16 %
Q2 2014	24.01 %	14.60 %	12.03 %
Q3 2014	24.57 %	14.26 %	11.35 %
Q4 2014	23.18 %	13.32 %	10.11 %
2014	23.18 %	13.32 %	10.11 %
Q1 2015	22.53 %	13.19 %	10.12 %
Q2 2015	21.35 %	12.71 %	9.51 %
Q3 2015	20.72 %	12.77 %	9.53 %
Q4 2015	20.32 %	12.69 %	9.52 %
2015	20.32 %	12.69 %	9.52 %
Q1 2016	19.97 %	12.41 %	9.17 %
Q2 2016	19.82 %	12.49 %	9.25 %
Q3 2016	19.58 %	12.51 %	9.30 %
Q4 2016	19.68 %	13.01 %	9.74 %
2016	19.68 %	13.01 %	9.74 %
Q1 2017	19.44 %	12.97 %	9.72 %
Q2 2017	19.45 %	13.13 %	9.79 %
Q3 2017	19.54 %	13.17 %	9.65 %
Q4 2017	19.56 %	12.92 %	9.27 %
2017	19.55 %	12.91 %	9.27 %
Q1 2018	19.06 %	12.03 %	8.18 %
Q2 2018	17.97 %	11.04 %	6.97 %
Q3 2018	17.99 %	11.02 %	7.00 %
Q4 2018	17.97 %	11.17 %	7.04 %
2018	17.97 %	11.17 %	7.04 %
Q1 2019	18.06 %	12.83 %	7.12 %
Q2 2019	18.74 %	14.70 %	7.21 %
Q3 2019	18.78 %	15.66 %	6.48 %
Q4 2019	19.32 %	15.39 %	4.23 %
2019	19.32 %	15.39 %	4.23 %
Q1 2020	19.38 %	15.56 %	3.74 %
Q2 2020	20.21 %	16.31 %	4.40 %
Q3 2020	20.48 %	16.87 %	4.58 %
Q4 2020	20.00 %	18.10 %	6.24 %
2020	20.00 %	18.10 %	6.24 %
Q1 2021	20.69 %	18.26 %	6.59 %
Q2 2021	20.00 %	17.10 %	5.57 %
Q3 2021	18.42 %	15.09 %	3.48 %
Q4 2021	15.15 %	10.20 %	(2.24 %)
2021	15.15 %	10.20 %	(2.24 %)
Q1 2022	14.39 %	9.19 %	(3.43 %)
Q2 2022	12.64 %	6.75 %	(6.60 %)
Q3 2022	10.05 %	4.07 %	(9.65 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	22.71 %	12.17 %	9.24 %
2013	22.76 %	13.03 %	10.69 %
2014	23.18 %	13.32 %	10.11 %
2015	20.32 %	12.69 %	9.52 %
2016	19.68 %	13.01 %	9.74 %
2017	19.55 %	12.91 %	9.27 %
2018	17.97 %	11.17 %	7.04 %
2019	19.32 %	15.39 %	4.23 %
2020	20.00 %	18.10 %	6.24 %
2021	15.15 %	10.20 %	(2.24 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	21.80 %	11.88 %	9.29 %
Q2 2013	23.20 %	12.08 %	9.64 %
Q3 2013	20.25 %	11.70 %	9.40 %
Q4 2013	25.98 %	16.72 %	14.70 %
Q1 2014	24.25 %	14.89 %	11.21 %
Q2 2014	25.48 %	15.17 %	12.83 %
Q3 2014	22.51 %	10.34 %	6.68 %
Q4 2014	20.79 %	12.81 %	9.50 %
Q1 2015	21.51 %	13.98 %	10.93 %
Q2 2015	20.90 %	13.18 %	10.27 %
Q3 2015	19.50 %	10.77 %	6.97 %
Q4 2015	19.34 %	12.53 %	9.47 %
Q1 2016	20.03 %	12.81 %	9.47 %
Q2 2016	20.37 %	13.45 %	10.54 %
Q3 2016	18.42 %	10.99 %	7.39 %
Q4 2016	19.71 %	14.25 %	10.96 %
Q1 2017	19.00 %	12.69 %	9.43 %
Q2 2017	20.37 %	13.98 %	10.73 %
Q3 2017	18.94 %	11.44 %	7.06 %
Q4 2017	19.75 %	13.27 %	9.54 %
Q1 2018	16.73 %	8.70 %	4.54 %
Q2 2018	16.01 %	10.05 %	5.94 %
Q3 2018	18.94 %	11.37 %	7.18 %
Q4 2018	19.90 %	14.06 %	9.98 %
Q1 2019	17.25 %	15.46 %	5.20 %
Q2 2019	18.86 %	17.89 %	6.31 %
Q3 2019	19.09 %	15.47 %	4.17 %
Q4 2019	21.89 %	13.06 %	1.55 %
Q1 2020	17.43 %	16.14 %	3.27 %
Q2 2020	22.06 %	20.50 %	8.51 %
Q3 2020	20.25 %	17.88 %	4.96 %
Q4 2020	20.11 %	17.71 %	7.74 %
Q1 2021	20.22 %	16.71 %	4.63 %
Q2 2021	19.41 %	15.94 %	4.46 %
Q3 2021	13.01 %	8.75 %	(4.69 %)
Q4 2021	7.35 %	(1.31 %)	(14.17 %)
Q1 2022	17.54 %	13.14 %	0.35 %
Q2 2022	12.58 %	6.41 %	(8.18 %)
Q3 2022	1.46 %	(2.95 %)	(18.05 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	36.00	-	-	5.90
Q2 2013	36.00	-	-	5.88
Q3 2013	36.00	-	-	6.52
Q4 2013	36.00	2.85	2.85	7.45
Q1 2014	36.00	2.96	2.96	8.17
Q2 2014	36.00	3.33	3.33	9.21
Q3 2014	36.00	3.15	3.15	9.67
Q4 2014	36.00	3.06	3.05	10.51
Q1 2015	36.00	3.28	3.28	11.45
Q2 2015	36.00	3.23	3.23	12.45
Q3 2015	36.00	3.29	3.28	12.96
Q4 2015	36.00	3.50	3.38	12.68
Q1 2016	36.00	3.36	3.24	13.29
Q2 2016	36.00	3.39	3.27	13.32
Q3 2016	36.00	3.47	3.34	13.90
Q4 2016	36.00	3.58	3.58	14.07
Q1 2017	36.00	3.64	3.64	14.93
Q2 2017	36.00	3.73	3.73	16.05
Q3 2017	36.00	3.78	3.78	15.51
Q4 2017	36.00	3.75	3.75	16.65
Q1 2018	36.00	3.30	3.30	15.99
Q2 2018	36.00	2.74	2.74	16.55
Q3 2018	36.00	2.79	2.79	16.57
Q4 2018	36.00	2.72	2.72	17.63
Q1 2019	36.00	2.85	2.85	15.85
Q2 2019	36.00	2.88	2.88	15.45
Q3 2019	36.00	2.61	2.61	14.86
Q4 2019	36.00	1.71	1.71	15.02
Q1 2020	36.00	1.50	1.50	15.38
Q2 2020	36.00	1.82	1.82	16.30
Q3 2020	36.00	1.87	1.87	16.26
Q4 2020	36.00	2.38	2.57	16.95
Q1 2021	36.00	2.48	2.68	16.65
Q2 2021	36.00	1.97	2.16	17.04
Q3 2021	36.00	1.12	1.31	16.66
Q4 2021	36.00	(0.79)	(0.79)	15.45
Q1 2022	36.00	(1.19)	(1.19)	15.48
Q2 2022	36.00	(2.17)	(2.17)	14.91
Q3 2022	36.00	(3.06)	(3.06)	13.60

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	36.00	2.13	2.13	5.99
2013	36.00	2.85	2.85	7.45
2014	36.00	3.06	3.05	10.51
2015	36.00	3.50	3.38	12.68
2016	36.00	3.58	3.58	14.07
2017	36.00	3.75	3.75	16.65
2018	36.00	2.72	2.72	17.63
2019	36.00	1.71	1.71	15.02
2020	36.00	2.38	2.57	16.95
2021	36.00	(0.79)	(0.79)	15.45

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	27.52	27.59	7.15
Q3 2015	20.09	20.14	5.09
Q4 2015	18.94	19.64	5.23
Q1 2016	17.03	17.69	4.31
Q2 2016	17.42	18.08	4.44
Q3 2016	11.62	12.06	2.90
Q4 2016	15.89	15.89	4.04
Q1 2017	16.53	16.53	4.03
Q2 2017	18.94	18.94	4.40
Q3 2017	19.09	19.09	4.65
Q4 2017	19.48	19.48	4.38
Q1 2018	26.67	26.67	5.50
Q2 2018	27.99	27.99	4.64
Q3 2018	18.62	18.62	3.13
Q4 2018	24.35	24.35	3.75
Q1 2019	25.49	25.49	4.58
Q2 2019	23.57	23.57	4.40
Q3 2019	24.30	24.30	4.27
Q4 2019	30.43	30.43	3.47
Q1 2020	25.21	25.21	2.46
Q2 2020	24.32	24.32	2.72
Q3 2020	27.45	27.45	3.16
Q4 2020	24.50	22.66	3.43
Q1 2021	23.95	22.23	3.57
Q2 2021	37.86	34.49	4.37
Q3 2021	56.33	48.09	3.79
Q4 2021	NEG	NEG	3.16
Q1 2022	NEG	NEG	2.85
Q2 2022	NEG	NEG	2.38
Q3 2022	NEG	NEG	2.48

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	18.94	19.64	5.23
2016	15.89	15.89	4.04
2017	19.48	19.48	4.38
2018	24.35	24.35	3.75
2019	30.43	30.43	3.47
2020	24.50	22.66	3.43
2021	NEG	NEG	3.16

Business Segments (Million)

Compared With The

Period	Sales and Services	Logistics services	Retail sector	Wholesale sector
Q1 2014	-	-	226.13	2.65
Q2 2014	-	-	289.37	4.34
Q3 2014	-	-	244.04	4.57
Q4 2014	-	-	309.31	4.44
Q1 2015	-	-	305.27	4.18
Q2 2015	-	-	345.35	4.01
Q3 2015	-	-	261.48	3.89
Q4 2015	-	-	349.28	3.46
Q1 2016	303.21	-	-	-
Q2 2016	351.49	-	-	-
Q3 2016	284.97	-	-	-
Q4 2016	382.52	-	-	-
Q1 2017	323.49	2.79	-	-
Q2 2017	373.84	2.49	-	-
Q3 2017	320.88	2.60	-	-
Q4 2017	427.08	2.77	-	-
Q1 2018	317.69	3.98	-	-
Q2 2018	341.65	1.37	-	-
Q3 2018	337.70	2.47	-	-
Q4 2018	382.79	2.82	-	-
Q1 2019	367.49	2.75	-	-
Q2 2019	342.52	1.31	-	-
Q3 2019	348.74	2.87	-	-
Q4 2019	388.88	3.19	-	-
Q1 2020	351.44	6.60	-	-
Q3 2020	328.53	3.61	-	-
Q4 2020	395.09	6.96	-	-
Q1 2021	331.90	4.49	-	-
Q2 2021	320.94	3.96	-	-
Q3 2021	285.71	10.12	-	-
Q4 2021	310.81	8.18	-	-
Q1 2022	307.54	11.97	-	-
Q2 2022	243.92	7.08	-	-
Q3 2022	249.23	4.90	-	-

Period	Sales and Services	Logistics services	Retail sector	Wholesale sector
2014	-	-	1,068.85	15.99
2015	-	-	1,261.38	15.54
2016	1,322.18	1.91	-	-
2017	1,445.29	10.64	-	-
2018	1,379.83	10.64	-	-
2019	1,447.64	10.12	-	-
2020	1,464.68	17.08	-	-
2021	1,245.75	26.76	-	-

Analysts Estimates (Million)

Item	Q3 2022 (e)	Q3 2022 (a)	Change‬
Average	(13.30)	(45.87)	(244.9 %)

Estimates vs Actual (Million)

Item	Q3 2022 (e)	Q3 2022 (a)	Change
Sico	(13.40)	(45.87)	(242.3) %
AlJazira Capital	(13.20)	(45.87)	(247.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,260.00
Enterprise Value (EV) (M)	1,306.79
Shares Outstanding ((M))	36.00
EPS ( Riyal) (TTM)	(1.58)
Book Value (BV) ( Riyal)	9.31
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.76
Return on Average Assets (%) (TTM)	(4.58 )
Return on Average Equity (%) (TTM)	(15.57 )

Saudi Company for Hardware (SACO)

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SACO swings to SAR 65.3 mln net loss in 9M 2022, Q3 at SAR 45.9 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Company for Hardware (SACO)

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SACO swings to SAR 65.3 mln net loss in 9M 2022, Q3 at SAR 45.9 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2022

Revenue by Business Segment (Latest) 2022 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Company for Hardware (SACO)

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Business Segments (Million)