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SACO announces its Turnaround plan for the three years 2023, 2024 and 2025.
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Company for Hardware is pleased to announce that it began to implement its Turnaround plan for the three years 2023,2024 and 2025, which aims to improve the company's results and status based on SACO's leading position in the Saudi retail Market. The strategy main pillars are: 1. Restructuring the current stores in terms of their number, geographic presence and opening new viable branches. 2. Introduction of new categories, varieties and new services addressing our customers' expectations and enhancing the company's profitability. 3. Putting more focus on Ecommerce omni channel and partnering with new aggregators . 4. Implementing a new promotional strategy to ensure effective positioning of the products and company's position in the market 5. Signing new agreements and building partnerships with suppliers.. 6. Remodeling stores and improving customers’ service and loyalty program. 7. Effective inventory management and spending efficiency. 8. Restructuring management and staff at the branches with highly qualified leaders to raise performance and productivity. It is expected that this Turnaround plan will be reflected in the company's results, starting from the fourth quarter of the year 2023. This strategy will be financed from the operating cash flow, as well as taking advantage of other Sharia-compliant finance resources. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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