Saudi Company for Hardware — Earnings Release 2020

Mar 14, 2021

Saudi Company for Hardware announces its Annual Financial Results for the Period Ending on 2020-12-31

4008 · 14/03/2021 08:13:20 · Announcement #62234 · View on Saudi Exchange

Saudi Company for Hardware announces its Annual Financial Results for the Period Ending on 2020-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	1,481.76	1,457.75	1.647
Gross Profit (Loss)	296.42	281.66	5.24
Operational Profit (Loss)	139.73	107.06	30.515
Net Profit (Loss) after Zakat and Tax	85.53	61.63	38.779
Total Comprehensive Income	87.29	61.63	41.635
Total Share Holders Equity (after Deducting Minority Equity)	610.16	540.86	12.812
Profit (Loss) per Share	2.38	1.71
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	Despite the partial and complete closure of the company's showrooms which occurred during the period from March 17th until late April of this year, the company was able, through its expansion strategy, to open four new showrooms in attractive areas in the Kingdom, which resulted in an increase in sales during this year compared to the previous year. Furthermore, the improvement in gross profit margin, the increase in E-commerce sales, and the decrease in the S&M expenses and G&A expenses contributed to the increasing of 2020 net profit compared with 2019.
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	Comparative period figures have been reclassified to conform with current period classification numbers
Additional Information	The initiatives provided by the government to minimize the impact of the coronavirus outbreak “Covid-19” and in particular the initiative related to SANED, resulted in a decrease in some operating expenses during the second and third quarter of this year.

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