Saudi Company for Hardware (SACO) reported a 31.87% year-on-year increase in profits during the first quarter of 2019.
SACO’s profits reached SAR 19.24 million in Q1-19, compared to SAR 14.59 million during Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The firm attributed the rise in Q1-19 profits to a growth in sales due to boosting the number of stores to 32 from 29, in addition to an increase in other revenues.
The profit increase was also attributed to a decrease in general and administrative expenses.
Quarter-on-quarter, SACO’s profits slumped 50% from SAR 38.48 million in Q4-18.