Riyadh – Mubasher: Saudi Company for Hardware (SACO) registered a 32.9% decrease in net profits after Zakat and tax at SAR 30.08 million in the first half (H1) of 2021 from SAR 44.86 million in H1-20.
Earnings per share stood at SAR 0.84 in H1-21, compared to SAR 1.25 in H1-20, according to the financial results on Sunday.
Revenues declined by 11.8% to SAR 658.78 million in the first six months of 2021 from SAR 747.57 million in the prior-year period.
As for the second quarter (Q2) of 2021, SACO posted a plunge of 56.42% in net profits to SAR 14.44 million from SAR 33.14 million in Q2-20.
Revenues shrank by 17% to SAR 322.38 million in Q2-21 from SAR 389.53 million in Q2-20.
On a quarterly basis, the company’s net profits in Q2-21 were 7.6% lower than SAR 15.63 million in Q1-21, and the revenues were down by 4% from SAR 336.39 million.
Ina separate disclosure, SACO said its board recommended not to distribute cash dividends for H1-21 as the company would support its projects, yet the shareholders will still have to give their approval in the coming meeting.
