SACO narrows losses to SAR 4.6M in Q1 2024

SACO narrows losses to SAR 4.6M in Q1 2024

19/05/2024 Argaam Exclusive

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Saudi Company for Hardware (SACO) narrowed its net loss to SAR 4.6 million in Q1 2024, from SAR 16.5 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 240.27 232.60 (3.2 %)
Gross Income 27.86 33.87 21.6 %
Operating Income (8.75) (0.78) 91.1 %
Net Income (16.52) (4.55) 72.5 %
Average Shares 36.00 36.00 -
EPS (Riyals) (0.46) (0.13) 72.5 %

The decline in losses was due to the improvement in gross profit of SAR 6 million due to the enhancement in the commercial terms and operational efficiency.

 

The company also cited higher gross profit and lower general and administrative expenses, as well as a rise in other income.

 

This was despite a decrease in sales due to seasonality factor.

 

Sequentially, the company cut its losses from SAR 24.3 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 335.1 million as of March 31, 2024, compared to SAR 397.3 million a year earlier.

 

Accumulated losses reached SAR 45.42 million by the end of Q1 2024, representing 13% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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)
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)
Q4 2022 311.90 (1.1 %) (23.73) (202.3 %) (77.21) (72.8 %) (2.14)
Q1 2023 240.27 (24.8 %) 27.86 (50.3 %) (16.52) (1592.4 %) (0.46)
Q2 2023 231.43 (7.8 %) 27.70 (12.3 %) (15.94) 22.4 % (0.44)
Q3 2023 219.44 (13.6 %) (18.21) (592.3 %) (12.20) 73.4 % (0.34)
Q4 2023 238.98 (23.4 %) 21.76 191.7 % (24.32) 68.5 % (0.68)
Q1 2024 232.60 (3.2 %) 33.87 21.6 % (4.55) 72.5 % (0.13)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2023 1.36 % (2.63 %) (17.31 %)
Q4 2023 6.36 % 1.49 % (13.11 %)
Q1 2024 7.06 % 2.01 % (11.30 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 36.00 (3.38) (4.82) 10.25
Q4 2023 36.00 (1.92) (3.39) 9.55
Q1 2024 36.00 (1.58) (2.89) 9.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 NEG NEG 3.02
Q4 2023 NEG NEG 4.05
Q1 2024 NEG NEG 3.81

Business Segments (Million)

Compared With The
Period Sales and Services Logistics services Retail sector Wholesale sector
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 - -
Q3 2023 213.94 5.51 - -
Q4 2023 232.52 6.46 - -
Q1 2024 223.65 8.95 - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average (9.40) (4.55) 51.59 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
AlJazira Capital (16.80) (4.55) 72.9 %
Hermes (2.00) (4.55) (127.5) %

Current
Market Cap (M Riyal) 1,251.00
Enterprise Value (EV) (M) 1,297.79
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 3.73
Return on Average Assets (%) (TTM) (4.58 )
Return on Average Equity (%) (TTM) (15.57 )

Share Price

34.80
(0.20) (0.57 %)

Saudi Company for Hardware (SACO)

Quarterly Actuals vs Estimates 19/05/2024


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