Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 8.02 million for the first quarter of 2022, a 33.2% decrease from SAR 12.01 million in the year-ago period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 750.54 | 1,272.47 | 69.5 % |
| Gross Income | 37.65 | 35.66 | (5.3 %) |
| Operating Income | 23.53 | 20.42 | (13.2 %) |
| Net Income | 12.01 | 8.02 | (33.3 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.20 | 0.13 | (33.3 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 1,214.42 | 1,272.47 | 4.8 % |
| Gross Income | 50.30 | 35.66 | (29.1 %) |
| Operating Income | 30.65 | 20.42 | (33.4 %) |
| Net Income | 15.35 | 8.02 | (47.8 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.26 | 0.13 | (47.8 %) |
The profit decline was driven by lower gross profit due to the inclusion of stock adjustments resulting from fluctuations in fuel prices in 2021.
That is in addition to the suspension of some sites for development work, a drop in diesel margins and investment profits and sharper IFRS 16 impacts, paired with higher operating and financing costs, as well as general and administrative expenses.
This was offset by an increase in sales volume and higher other income.
When compared to the previous quarter, Q1 2022 net profit edged down 47.8%.
Total shareholders’ equity, excluding minority interests, grew slightly by 1.3% to SAR 824.95 million from SAR 817.7 million in Q1 2021.
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