SACO widens losses to SAR 32.5 mln in H1 2023; Q2 at SAR 15.9 mln

SACO widens losses to SAR 32.5 mln in H1 2023; Q2 at SAR 15.9 mln

08/08/2023 Argaam Exclusive

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Saudi Co. for Hardware Co. (SACO) reported a net loss of SAR 32.5 million for H1 2023, up from SAR 19.4 million a year earlier on lower sales.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 570.50 471.70 (17.3 %)
Gross Income 87.64 55.56 (36.6 %)
Operating Income (0.43) (16.79) (3,832.8 %)
Net Income (19.42) (32.45) (67.1 %)
Average Shares 36.00 36.00 -
Earnings Per Share before unusual items (0.54) (1.11) (105.7 %)
EPS (Riyals) (0.54) (0.90) (67.1 %)

The company narrowed its losses in Q2 2023 to SAR 15.9 million, from SAR 20.5 million in Q2 2022 due to lower operating expenses, along with general, administrative, selling and marketing costs.

 

Sequentially, SACO trimmed losses from SAR 16.5 million in Q1 2023 on lower operating expenses and financing cost.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 251.00 231.43 (7.8 %)
Gross Income 31.59 27.70 (12.3 %)
Operating Income (12.89) (8.04) 37.6 %
Net Income (20.53) (15.94) 22.4 %
Average Shares 36.00 36.00 -
Earnings Per Share before unusual items (0.57) (0.49) 13.7 %
EPS (Riyals) (0.57) (0.44) 22.4 %

Total shareholders’ equity, no minority interest, fell to SAR 381.32 million as of June 30, 2023, from SAR 536.77 million a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2021 315.38 (21.6 %) 23.19 (71.3 %) (33.53) (173.6 %)
Q1 2022 319.51 (5.4 %) 56.06 (17.9 %) 12.46 (54.3 %)
Q2 2022 251.00 (22.5 %) 31.59 (49.7 %) (12.89) (156.2 %)
Q3 2022 254.13 (14.1 %) 3.70 (90.4 %) (38.39) (1,193.8 %)
Q4 2022 311.90 (1.1 %) (23.73) (202.3 %) (68.94) (105.6 %)
Q1 2023 240.27 (24.8 %) 27.86 (50.3 %) (8.75) (170.2 %)
Q2 2023 231.43 (7.8 %) 27.70 (12.3 %) (8.04) 37.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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)
Q4 2021 (44.69) (284.7 %) (1.24) - (44.69) (1.24)
Q1 2022 1.11 (92.9 %) 0.03 - 1.11 0.03
Q2 2022 (20.53) (242.1 %) (0.57) - (20.53) (0.57)
Q3 2022 (45.87) (230.6 %) (1.27) - (45.87) (1.27)
Q4 2022 (77.21) (72.8 %) (2.14) - (77.21) (2.14)
Q1 2023 (16.52) (1592.4 %) (0.46) 5.71 (22.23) (0.62)
Q2 2023 (15.94) 22.4 % (0.44) 1.78 (17.71) (0.49)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 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 %)
Q4 2022 5.95 % 1.04 % (12.54 %)
Q1 2023 3.73 % (1.02 %) (15.69 %)
Q2 2023 3.42 % (0.78 %) (15.71 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2022 36.00 (3.96) (3.96) 11.49
Q1 2023 36.00 (4.45) (4.61) 11.03
Q2 2023 36.00 (4.32) (4.53) 10.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 NEG NEG 2.37
Q1 2023 NEG NEG 2.63
Q2 2023 NEG NEG 3.38

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 - -
Q4 2022 307.62 4.28 - -
Q1 2023 235.76 4.51 - -
Q2 2023 227.01 4.42 - -

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (net income) Change‬
Average (15.70) (15.94) (1.5 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (net income) Change
HSBC (16.00) (15.94) 0.4 %
Hermes (16.00) (15.94) 0.4 %
AlJazira Capital (15.10) (15.94) (5.5) %


Financial Ratios
Current
Market Cap (M Riyal) 1,085.40
Enterprise Value (EV) (M) 1,225.41
Shares Outstanding ((M)) 36.00
EPS ( Riyal) (TTM) (0.39)
Book Value (BV) ( Riyal) 9.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.33
Return on Average Assets (%) (TTM) (1.18 )
Return on Average Equity (%) (TTM) (4.20 )
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Share Price

Saudi Company for Hardware
30.15
0.95 3.25 %

Saudi Company for Hardware (SACO)

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