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SACO Q2 profit falls YOY

Saudi Co. for Hardware said its second-quarter normalized net income was 99 halalas per share, a decline from 1.01 riyals per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.7 million riyals, a decrease from 24.3 million riyals in the prior-year period.

The normalized profit margin fell to 6.8% from 8.3% in the year-earlier period.

Total revenue grew 18.9% year over year to 349.4 million riyals from 293.7 million riyals, and total operating expenses grew 22.0% year over year to 311.0 million riyals from 254.9 million riyals.

Reported net income decreased from the prior-year period to 35.9 million riyals, or 1.49 riyals per share, from 37.7 million riyals, or 1.57 riyals per share.

As of July 13, US$1 was equivalent to 3.75 Saudi Arabian riyals.