SACO 3Q16 earnings up 10% Y-o-Y on higher revenue from new store openings
Saudi Company for Hardware (SACO) [4008.SE] reported earnings of SAR20.4mn in 3Q16 (+10 % Y-o-Y), due mainly to higher revenue from new store openings, which came in at SAR285mn (7% Y-o-Y). Gross profit was flattish Y-o-Y at SAR51.8, with gross margin narrowing c130bps Y-o-Y to 18.2%. Meanwhile, operating profit increased 9% Y-o-Y to SAR22.8mn, with EBIT margin up a slight c11bps to 8% . (Tadawul)
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