Saudi hardware retail giant SACO opens new store

New store opening to increase company's profitability

  

Saudi Company for Hardware (SACO), which operates dozens of retail outlets across the kingdom, has just added a new store to its portfolio.

The retail giant on Tuesday opened the doors to its 5,517-square-metre outlet in Jeddah City. The establishment is located in the Town Square of the Al Jamiah district, expanding SACO’s store network to at least 35 points of sale across 18 cities in the kingdom.

The new store opening is expected to increase the turnover and profitability of the company, SACO told the Saudi Stock Exchange on Thursday.

“The financial impact of this new store will start as of the third quarter of fiscal year 2020… This opening will increase the total number of SACO stores to 35,” it said.

The company has recently seen its sales surge during the coronavirus pandemic, partly due to the implementation of the value-added tax (VAT) in the kingdom.

Its net profit went up by 52.7 percent to 33.14 million Saudi riyals in the second quarter of 2020, when  compared with the same period last year.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2020

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