Riyadh – Mubasher: Saudi Company for Hardware (SACO) recorded a growth of 8.93% in net profits during the second quarter of 2017 compared to the same period in the previous year.
Earnings increased to SAR 40.36 million in Q2-17 from SAR 37.05 million in Q2-16, according to a bourse statement issued on Thursday.
The rise in Q2 net profits is attributed to higher sales due to raising the number of branches to 27 from 26, SACO noted.
Sales and revenues registered an increase of 7.07% to SAR 376.33 million in Q2-17 from SAR 351.49 million in Q2-16, bringing SACO’s total income to rise by 8.13% to SAR 40.36 million in Q2-17 from SAR 37.05 million in Q2-16.
During the first half of 2017, SACO achieved a rise of 8.13% in profits to SAR 71.12 million from SAR 65.77 million in the same half a year ago.
It is noteworthy that the company’s net profit in Q1-17 grew by 7.1% to SAR 30.76 million from SAR 28.72 million in Q1-16.
