Riyadh – Mubasher: The Saudi Company for Hardware (SACO) on Sunday announced the opening of a new story in Taif.
The 4,648 square-metre store, which is SACO’s 32nd, was opened in Tera Mall on Thursday, according to a filing to the Saudi Stock Exchange (Tadawul).
The financial impact of opening this Taif store will be reflected in the results for the fourth quarter of 2018, SACO added, noting that this is its third store to be opened in 2018.
The newly-opened branch will contribute to boosting SACO’s sales and profits, which in turn will have a positive impact on shareholders.
Following the Taif opening, SACO now has 32 stores spread across Saudi Arabia.
SACO last reported a 7.2% profit rise to SAR 24.43 million in Q3-18 from SAR 22.79 million in the same period of 2017, while in the first nine months of 2018, it registered SAR 59.4 million in profits down 36.7% year-on-year from SAR 93.91 million.
In October, SACO opened its 31st store in the kingdom in Riyadh.
By 12:08 pm Saudi time, SACO’s stock dropped 3.13% to SAR 64.90.
