Riyadh – Mubasher: Saudi Company for Hardware’s (SACO) net profits rose 10.11% year-on-year to SAR 20.37 million ($5.43 million) in the third quarter of 2016 from SAR 18.5 million ($4.93 million).
The increase in net profit is due to higher sales and other revenues due to the opening of the new stores, added to the lower administrative expenses, according to a bourse filing on Monday.
“The gross profit remained unchanged, resulting in an increase in operating profit, despite higher financing costs due to higher interbank commission rates among Saudi banks, the statement said.
The Saudi-listed company’s net profits fell 3.87% to SAR 84.79 million in the first nine months of 2016 from SAR 88.2 million in the year-ago period.
The company’s sales grew 7.39% to SAR 284.97 million in Q3 compared to SAR 265.36 million in the same period of the previous year, while the sales during the current period amounted to SAR 939.67 million compared to SAR 924.17 million, with a 1.68% increase.
