Riyadh – Mubasher: Saudi Company for Hardware’s (SACO) net profit rose 9.2% to SAR 41.39 million ($11 million) in the fourth quarter of 2016 compared to SAR 37.91 million ($10.1 million) in the same quarter last year.
The rise in net profit in the current quarter was due to an increase in sales in most of the departments, which in return is a result of adding one new showroom to the current 25.
Moreover, the takeover of Medscan and the decrease in sales and marketing expenses, and general administration expenses and financial charges also contributed to higher profits, according to a bourse filing on Monday.
This was despite an increase in zakat and tax provision and a decline in other profits due to “the impact on the similar quarter of last year with the final settlement of the insurance claim of Takhassussi Store amounting to SAR 4.57 million”, according to Tadawul.
The company’s 2016 profits went up 0.06% to SAR 126.18 million from SAR 126.11 million in the previous year.
