The Saudi Hardware and Tools Company SACO achieved a 39% increase in profits, reaching 85.5 million riyals during 2020, compared to 61.6 million riyals last year.
According to Arabnet, the company said in a statement that the reason for the increase in profits during the current period compared to the same period of the previous year is the increase in sales during this year compared to the previous year, as a result of the opening of four new showrooms in vital areas in the Kingdom.
as well as the relative improvement in gross profit margin, increase in e-commerce sales, and decrease in selling and marketing expenses, and administrative and general expenses.
This is despite the partial and complete closure of the company's showrooms during the period from March 17 until late April of 2020.
In this context, the company indicated that government support initiatives to mitigate the effects of the spread of the emerging corona virus (COVID-19), and in particular the initiative related to the implementation of the SANED system, led to a decrease in some operating expenses during the second and third quarters of this year.
In addition, the Board of Directors of the Saudi Hardware and Tools Company SACO decided, on March 11, 2021, to distribute cash dividends to shareholders at a rate of 7.5% of the capital (equivalent to 0.75 riyals per share) as dividends for the second half of the fiscal year 2020.
