Riyadh – Mubasher: Haytham Al Hamidi resigned from his post as the CEO of the Saudi Company for Hardware (SACO) on 13 October 2022 due to personal reasons, according to a recent bourse filing.
The board announced that Abdel Salam Bdeir will be SACO’s new CEO starting from 1 January 2023, yet he will join the firm on 1 November this year.
Meanwhile, Al Hamidi will continue to carry out his duties as the CEO until Bdeir takes over his position.
The new official has over 28-year experience in the retail and fast-moving consumer goods (FMCG) industries, as he has been the CEO of a number of listed companies across the GCC and MENA markets. He holds bachelor’s and master’s degrees in Business Administration from the American University of Beirut.
During the first half (H1) of 2022, SACO shifted to net losses after Zakat and tax worth SAR 19.42 million, compared to net profits of SAR 30.08 million in H1-21. Revenues declined by 13.73% year-on-year (YoY) to SAR 570.50 million in H1-22 from SAR 661.29 million.
In 2021, the Saudi listed firm registered net losses after Zakat and tax of SAR 28.49 million, versus net profits worth SAR 85.53 million a year earlier.
