SACO net profit falls 39% to SAR 11.7 mln in Q1 2020

10/05/2020 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit after Zakat and tax of SAR 11.7 million for the first quarter of 2020, a 39% year-on-year (YoY) decline, compared to SAR 19.2 million in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Revenues	370.24	358.04	(3.3 %)
Gross Income	63.85	62.40	(2.3 %)
Operating Income	29.86	25.53	(14.5 %)
Net Income	19.24	11.72	(39.1 %)
Average Shares	36.00	36.00	-
EPS (Riyals)	0.53	0.33	(39.1 %)

Item	Q4 2019	Q1 2020	Change‬
Revenues	392.08	358.04	(8.7 %)
Gross Income	85.84	62.40	(27.3 %)
Operating Income	18.48	25.53	38.2 %
Net Income	6.06	11.72	93.4 %
Average Shares	36.00	36.00	-
EPS (Riyals)	0.17	0.33	93.4 %

The company cited lower sales due to partial closure of stores amidst COVID-19 measures and less promotional activities, higher selling and marketing expenses, lower other income, and higher finance cost related to lease liabilities and Zakat expenses for decline in profits.

When compared to the previous quarter, Q1 net profit increased by 93.3% due to lower selling and marketing, and general and administrative expenses.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	668.69	-	242.93	-	49.60	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	831.08	24.3 %	188.76	(22.3 %)	84.42	70.2 %
Q1 2013	235.95	-	51.43	-	23.47	-
Q2 2013	250.04	-	58.02	-	25.50	-
Q3 2013	247.86	-	50.19	-	25.27	-
Q4 2013	227.44	-	59.10	-	32.25	-
2013	961.28	15.7 %	218.74	15.9 %	106.49	26.1 %
Q1 2014	228.78	(3.0 %)	55.47	7.8 %	28.50	21.4 %
Q2 2014	293.71	17.5 %	74.84	29.0 %	38.83	52.2 %
Q3 2014	248.61	0.3 %	55.97	11.5 %	18.87	(25.3 %)
Q4 2014	313.76	38.0 %	65.22	10.4 %	33.93	5.2 %
2014	1,084.85	12.9 %	251.49	15.0 %	120.12	12.8 %
Q1 2015	309.45	35.3 %	66.55	20.0 %	36.28	27.3 %
Q2 2015	349.36	18.9 %	73.02	(2.4 %)	38.39	(1.1 %)
Q3 2015	265.36	6.7 %	51.73	(7.6 %)	20.93	10.9 %
Q4 2015	352.74	12.4 %	68.22	4.6 %	36.35	7.1 %
2015	1,276.91	17.7 %	259.52	3.2 %	131.95	9.8 %
Q1 2016	303.21	(2.0 %)	60.75	(8.7 %)	31.85	(12.2 %)
Q2 2016	351.49	0.6 %	71.59	(2.0 %)	39.81	3.7 %
Q3 2016	284.97	7.4 %	52.50	1.5 %	23.54	12.4 %
Q4 2016	384.42	9.0 %	75.76	11.1 %	46.70	28.5 %
2016	1,324.09	3.7 %	260.60	0.4 %	141.89	7.5 %
Q1 2017	326.29	7.6 %	62.01	2.1 %	33.38	4.8 %
Q2 2017	376.33	7.1 %	76.65	7.1 %	43.53	9.3 %
Q3 2017	322.91	13.3 %	61.14	16.5 %	27.25	15.8 %
Q4 2017	429.85	11.8 %	84.88	12.0 %	45.78	(2.0 %)
2017	1,455.93	10.0 %	284.68	9.2 %	149.94	5.7 %
Q1 2018	321.67	(1.4 %)	53.81	(13.2 %)	17.55	(47.4 %)
Q2 2018	343.03	(8.8 %)	54.94	(28.3 %)	24.14	(44.5 %)
Q3 2018	340.17	5.3 %	64.44	5.4 %	27.80	2.0 %
Q4 2018	385.61	(10.3 %)	76.72	(9.6 %)	42.87	(6.4 %)
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	112.36	(25.1 %)
Q1 2019	370.24	15.1 %	63.85	18.6 %	29.86	70.1 %
Q2 2019	343.83	0.2 %	64.84	18.0 %	32.88	36.2 %
Q3 2019	351.61	3.4 %	67.13	4.2 %	26.45	(4.8 %)
Q4 2019	392.08	1.7 %	85.84	11.9 %	18.48	(56.9 %)
2019	1,457.76	4.8 %	281.66	12.7 %	107.66	(4.2 %)
Q1 2020	358.04	(3.3 %)	62.40	(2.3 %)	25.53	(14.5 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2010	-	-	-	-	-	-
2011	668.69	-	242.93	-	49.60	-
2012	831.08	24.3 %	188.76	(22.3 %)	84.42	70.2 %
2013	961.28	15.7 %	218.74	15.9 %	106.49	26.1 %
2014	1,084.85	12.9 %	251.49	15.0 %	120.12	12.8 %
2015	1,276.91	17.7 %	259.52	3.2 %	131.95	9.8 %
2016	1,324.09	3.7 %	260.60	0.4 %	141.89	7.5 %
2017	1,455.93	10.0 %	284.68	9.2 %	149.94	5.7 %
2018	1,390.47	(4.5 %)	249.91	(12.2 %)	112.36	(25.1 %)
2019	1,457.76	4.8 %	281.66	12.7 %	107.66	(4.2 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	55.19	-	1.53	(0.48)	55.67	1.55
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	76.82	39.2 %	2.13	-	76.82	2.13
Q1 2013	21.91	-	0.61	-	21.91	0.61
Q2 2013	24.09	-	0.67	-	24.09	0.67
Q3 2013	23.30	-	0.65	-	23.30	0.65
Q4 2013	33.44	-	0.93	-	33.44	0.93
2013	102.74	33.8 %	2.85	-	102.74	2.85
Q1 2014	25.64	17.0 %	0.71	-	25.64	0.71
Q2 2014	37.67	56.4 %	1.05	-	37.67	1.05
Q3 2014	16.61	(28.7 %)	0.46	-	16.61	0.46
Q4 2014	30.10	(10.0 %)	0.84	0.30	29.80	0.83
2014	110.01	7.1 %	3.06	0.30	109.71	3.05
Q1 2015	33.83	32.0 %	0.94	-	33.83	0.94
Q2 2015	35.87	(4.8 %)	1.00	-	35.87	1.00
Q3 2015	18.50	11.4 %	0.51	-	18.50	0.51
Q4 2015	37.91	26.0 %	1.05	4.49	33.42	0.93
2015	126.11	14.6 %	3.50	4.49	121.62	3.38
Q1 2016	28.72	(15.1 %)	0.80	-	28.72	0.80
Q2 2016	37.05	3.3 %	1.03	-	37.05	1.03
Q3 2016	21.06	13.9 %	0.59	-	21.06	0.59
Q4 2016	42.14	11.2 %	1.17	-	42.14	1.17
2016	128.97	2.3 %	3.58	-	128.97	3.58
Q1 2017	30.76	7.1 %	0.85	-	30.76	0.85
Q2 2017	40.36	8.9 %	1.12	-	40.36	1.12
Q3 2017	22.79	8.2 %	0.63	-	22.79	0.63
Q4 2017	40.99	(2.7 %)	1.14	-	40.99	1.14
2017	134.90	4.6 %	3.75	-	134.90	3.75
Q1 2018	14.59	(52.6 %)	0.41	-	14.59	0.41
Q2 2018	20.38	(49.5 %)	0.57	-	20.38	0.57
Q3 2018	24.43	7.2 %	0.68	-	24.43	0.68
Q4 2018	38.48	(6.1 %)	1.07	-	38.48	1.07
2018	97.88	(27.4 %)	2.72	-	97.88	2.72
Q1 2019	19.24	31.9 %	0.53	-	19.24	0.53
Q2 2019	21.69	6.4 %	0.60	-	21.69	0.60
Q3 2019	14.65	(40.0 %)	0.41	-	14.65	0.41
Q4 2019	6.06	(84.3 %)	0.17	-	6.06	0.17
2019	61.64	(37.0 %)	1.71	-	61.64	1.71
Q1 2020	11.72	(39.1 %)	0.33	-	11.72	0.33

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2010	-	-	-	-	-	-
2011	55.19	-	1.53	(0.48)	55.67	1.55
2012	76.82	39.2 %	2.13	-	76.82	2.13
2013	102.74	33.8 %	2.85	-	102.74	2.85
2014	110.01	7.1 %	3.06	0.30	109.71	3.05
2015	126.11	14.6 %	3.50	4.49	121.62	3.38
2016	128.97	2.3 %	3.58	-	128.97	3.58
2017	134.90	4.6 %	3.75	-	134.90	3.75
2018	97.88	(27.4 %)	2.72	-	97.88	2.72
2019	61.64	(37.0 %)	1.71	-	61.64	1.71

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	36.33 %	9.52 %	8.33 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	22.71 %	12.17 %	9.24 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	-	-	-
2011	36.33 %	9.52 %	8.33 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	-	-	-	-
2011	36.00	1.53	1.55	4.69
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2010	-	-	-
2011	-	-	-
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

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	-	-

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	-	-

Analysts Estimates (Million)

Item	Q1 2020 (e)	Q1 2020 (a)	Change‬
Average	10.25	11.72	14.33 %

Estimates vs Actual (Million)

Item	Q1 2020 (e)	Q1 2020 (a)	Change
AlJazira Capital	10.70	11.72	9.5 %
OSOOL AND BAKHEET	9.80	11.72	19.6 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,159.20
Enterprise Value (EV) (M)	1,261.52
Shares Outstanding ((M))	36.00
EPS ( Riyal) (TTM)	(1.16)
Book Value (BV) ( Riyal)	8.97
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.59
Return on Average Assets (%) (TTM)	(3.46 )
Return on Average Equity (%) (TTM)	(12.09 )

Saudi Company for Hardware (SACO)

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SACO net profit falls 39% to SAR 11.7 mln in Q1 2020

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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) 2020 Q1

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 net profit falls 39% to SAR 11.7 mln in Q1 2020

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2020

Revenue by Business Segment (Latest) 2020 Q1

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)