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SACO Q1 profit climbs 32.6% YOY

Saudi Co. for Hardware said its normalized net income for the first quarter amounted to 94 halalas per share, a gain of 32.6% from 71 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.5 million riyals, an increase of 32.6% from 16.9 million riyals in the year-earlier period.

The normalized profit margin fell to 7.3% from 7.4% in the year-earlier period.

Total revenue grew 35.3% on an annual basis to 309.4 million riyals from 228.8 million riyals, and total operating expenses grew 36.4% year over year to 273.2 million riyals from 200.3 million riyals.

Reported net income increased 32.0% on an annual basis to 33.8 million riyals, or 1.41 riyals per share, from 25.6 million riyals, or 1.07 riyals per share.

As of April 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.