SACO 9M 2021 net profit drops 74% to SAR 16.2 mln

SACO 9M 2021 net profit drops 74% to SAR 16.2 mln

10/11/2021 Argaam Exclusive

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Saudi Company for Hardware’s (SACO) net profit after Zakat and tax declined 74% to SAR 16.2 million in the first nine months of 2021, from SAR 61.3 million in the same period a year ago.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 1,079.71 957.13 (11.4 %)
Gross Income 215.59 169.55 (21.4 %)
Operating Income 101.07 47.23 (53.3 %)
Net Income 61.34 16.20 (73.6 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 1.70 0.45 (73.6 %)

The company attributed the profit drop to lower sales, due to the delay in receiving imported goods and higher freight and shipping costs as a result of the supply chain crisis.

 

The company also cited higher selling and marketing expenses and SAR 14.83 million impairment loss on non-financial assets (non-recurring).



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 332.14 295.83 (10.9 %)
Gross Income 67.24 38.48 (42.8 %)
Operating Income 27.60 (2.97) (110.7 %)
Net Income 16.48 (13.88) (184.2 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 0.46 (0.39) (184.2 %)

SACO turned to a net loss after Zakat and tax of SAR 13.9 million in the third quarter of 2021 from a net profit of SAR 16.4 million in Q3 2020, on lower sales.

 

SACO swung to losses against a net profit of SAR 14.44 million in Q2 2020, due to higher finance cost, as well as general and administrative expenses. 

 

Shareholders' equity, after minority interest, at the end of 9M 2021 amounted to SAR 599.73 million, compared to SAR 585.2 million in the same period last year.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
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 -
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 %
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 %
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 %
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 %)
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 %)
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 %)
Q1 2020 358.04 (3.3 %) 62.40 (2.3 %) 25.53 (14.5 %)
Q2 2020 389.53 13.3 % 85.95 32.6 % 47.93 45.8 %
Q3 2020 332.14 (5.5 %) 67.24 0.2 % 27.60 4.4 %
Q4 2020 402.05 2.5 % 80.84 (5.8 %) 45.59 146.7 %
Q1 2021 337.63 (5.7 %) 68.26 9.4 % 27.24 6.7 %
Q2 2021 323.66 (16.9 %) 62.81 (26.9 %) 22.95 (52.1 %)
Q3 2021 295.83 (10.9 %) 38.48 (42.8 %) (2.97) (110.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
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
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
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
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
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
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
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
Q1 2020 11.72 (39.1 %) 0.33 - 11.72 0.33
Q2 2020 33.14 52.8 % 0.92 - 33.14 0.92
Q3 2020 16.48 12.5 % 0.46 - 16.48 0.46
Q4 2020 24.19 299.2 % 0.67 (6.92) 31.11 0.86
Q1 2021 15.63 33.4 % 0.43 - 15.63 0.43
Q2 2021 14.44 (56.4 %) 0.40 - 14.44 0.40
Q3 2021 (13.88) (184.2 %) (0.39) - (13.88) (0.39)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2021 20.69 % 18.26 % 6.59 %
Q2 2021 20.00 % 17.10 % 5.57 %
Q3 2021 18.42 % 15.09 % 3.48 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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 - -

Analysts Estimates (Million)

Item Q3 2021 (e) Q3 2021 (a) Change‬
Average 15.00 (13.88) (192.5 %)

Estimates vs Actual (Million)

Item Q3 2021 (e) Q3 2021 (a) Change
AlJazira Capital 15.00 (13.88) (192.5) %

Current
Market Cap (M Riyal) 1,173.60
Enterprise Value (EV) (M) 1,275.92
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 3.63
Return on Average Assets (%) (TTM) (3.46 )
Return on Average Equity (%) (TTM) (12.09 )

Share Price

Saudi Company for Hardware (SACO)


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