Riyadh – Mubasher: Saudi Company for Hardware (SACO) recorded 31.61% lower net losses after Zakat and tax to SAR 44.65 million during the first nine months (9M) of 2023 from SAR 65.29 million in 9M-22.
The revenues shrank by 16.19% year-on-year (YoY) to SAR 691.14 million in the period from January to September 2023, versus SAR 824.64 million, according to the interim financial results.
The listed company registered a loss per share of SAR 1.24 in 9M-23, compared to SAR 1.81 in 9M-22.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, SACO posted net losses after Zakat and tax of SAR 12.20 million, which signalled a decrease of 73.40% YoY from SAR 45.87 million.
The revenues fell by 13.65% to SAR 219.44 million in Q3-23 when compared to SAR 254.13 million in Q3-22.
On a quarterly basis, the Q3-23 net losses declined by 23.46% from SAR 15.94 million in Q2-23, while the revenues slipped by 5.18% from SAR 231.43 million.
Accumulated Losses
The Saudi company reported accumulated losses worth SAR 16.01 million as of 30 September 2023. The amount represented 4.45% of the entity’s SAR 360 million capital.
