SASCO H1 net profit down 78% to SAR 6.9 mln

15/07/2015 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO)

Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 6.94 million for H1- 2015, 77.5 percent lower compared to the same period in 2014.

The drop in first half net profit was mainly attributed to lower investment revenue, cost of Zaiti acquisition, higher zakat provision, and higher G&A expenses.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	211.38	286.07	35.3 %
Gross Income	21.75	23.49	8.0 %
Operating Income	8.35	7.91	(5.3 %)
Net Income	30.85	6.94	(77.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.51	0.12	(77.5 %)

SASCO’s Q2-2015 net profit stood at SAR 3.71 million, declining 83.9 percent, compared to a net profit of SAR 23.06 million in the same period last year.

However, when compared to the previous quarter, the profit for the period came in 14.8 percent higher, due to a rise in operating revenue, the company said in a statement to Tadawul.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	113.40	159.53	40.7 %
Gross Income	12.55	13.45	7.2 %
Operating Income	5.13	4.89	(4.7 %)
Net Income	23.06	3.71	(83.9 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.38	0.06	(83.9 %)

Item	Q1 2015	Q2 2015	Change‬
Revenues	126.54	159.53	26.1 %
Gross Income	10.03	13.45	34.1 %
Operating Income	3.02	4.89	61.6 %
Net Income	3.23	3.71	14.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.05	0.06	14.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	40.14	43.2 %	4.17	16.7 %	24.93	500.2 %	0.42
Q2 2006	35.09	(1.0 %)	2.14	(59.4 %)	9.45	69.7 %	0.16
Q3 2006	48.36	(6.1 %)	9.60	0.9 %	(23.95)	(119.2 %)	(0.40)
Q4 2006	42.45	11.5 %	1.39	(56.8 %)	(20.19)	(179.2 %)	(0.34)
2006	166.04	8.5 %	17.29	(19.8 %)	(9.77)	(106.1 %)	(0.16)
Q1 2007	39.55	(1.5 %)	5.11	22.5 %	7.04	(71.7 %)	0.12
Q2 2007	41.94	19.5 %	7.69	259.9 %	12.01	27.1 %	0.20
Q3 2007	57.80	19.5 %	10.16	5.9 %	10.18	142.5 %	0.17
Q4 2007	52.43	23.5 %	5.96	330.0 %	4.28	121.2 %	0.07
2007	191.73	15.5 %	28.91	67.2 %	33.51	443.2 %	0.56
Q1 2008	45.26	14.4 %	5.36	5.0 %	5.54	(21.3 %)	0.09
Q2 2008	52.73	25.7 %	8.54	11.0 %	12.45	3.6 %	0.21
Q3 2008	64.72	12.0 %	8.91	(12.2 %)	9.04	(11.2 %)	0.15
Q4 2008	51.61	(1.6 %)	5.61	(5.7 %)	8.48	98.2 %	0.14
2008	214.32	11.8 %	28.42	(1.7 %)	35.51	6.0 %	0.59
Q1 2009	44.25	(2.2 %)	5.53	3.2 %	6.55	18.2 %	0.11
Q2 2009	47.00	(10.9 %)	6.12	(28.4 %)	8.60	(30.9 %)	0.14
Q3 2009	55.74	(13.9 %)	4.04	(54.7 %)	3.34	(63.1 %)	0.06
Q4 2009	43.63	(15.5 %)	1.03	(81.6 %)	13.03	53.7 %	0.22
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.53
Q1 2010	45.44	2.7 %	4.92	(11.0 %)	2.10	(68.0 %)	0.03
Q2 2010	50.64	7.8 %	5.33	(12.9 %)	11.34	31.8 %	0.19
Q3 2010	66.32	19.0 %	9.95	146.5 %	14.51	335.1 %	0.24
Q4 2010	50.71	16.2 %	2.87	178.2 %	8.07	(38.0 %)	0.13
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.60
Q1 2011	49.26	8.4 %	4.70	(4.5 %)	0.59	(71.8 %)	0.01
Q2 2011	59.35	17.2 %	6.41	20.4 %	15.22	34.2 %	0.25
Q3 2011	68.38	3.1 %	6.97	(30.0 %)	6.69	(53.9 %)	0.11
Q4 2011	66.94	32.0 %	4.06	41.3 %	17.57	117.6 %	0.29
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.67
Q1 2012	75.00	52.2 %	4.75	1.2 %	25.78	4269.3 %	0.43
Q2 2012	86.85	46.3 %	8.38	30.7 %	9.39	(38.3 %)	0.16
Q3 2012	91.96	34.5 %	7.61	9.2 %	2.39	(64.3 %)	0.04
Q4 2012	91.17	36.2 %	7.26	78.9 %	7.50	(57.3 %)	0.13
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.75
Q1 2013	91.36	21.8 %	7.46	57.0 %	7.90	(69.4 %)	0.13
Q2 2013	98.88	13.8 %	11.42	36.3 %	10.27	9.4 %	0.17
Q3 2013	93.35	1.5 %	9.32	22.5 %	11.08	363.5 %	0.18
Q4 2013	85.32	(6.4 %)	5.88	(19.0 %)	10.56	40.8 %	0.18
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.66
Q1 2014	97.98	7.2 %	9.20	23.3 %	7.79	(1.4 %)	0.13
Q2 2014	113.40	14.7 %	12.55	9.9 %	23.06	124.6 %	0.38
Q3 2014	123.57	32.4 %	9.42	1.1 %	3.60	(67.5 %)	0.06
Q4 2014	118.46	38.8 %	6.03	2.6 %	46.93	344.5 %	0.78
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.37
Q1 2015	126.54	29.1 %	10.03	9.0 %	3.23	(58.5 %)	0.05
Q2 2015	159.53	40.7 %	13.45	7.2 %	3.71	(83.9 %)	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	153.06	47.9 %	21.56	(5.6 %)	160.20	627.7 %	2.67
2006	166.04	8.5 %	17.29	(19.8 %)	(9.77)	(106.1 %)	(0.16)
2007	191.73	15.5 %	28.91	67.2 %	33.51	443.2 %	0.56
2008	214.32	11.8 %	28.42	(1.7 %)	35.51	6.0 %	0.59
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.53
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.60
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.67
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.75
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.66
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.37

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	13.41 %	15.12 %	109.57 %
Q2 2006	11.54 %	13.42 %	112.15 %
Q3 2006	11.82 %	13.54 %	22.22 %
Q4 2006	10.41 %	12.22 %	(5.88 %)
2006	10.41 %	12.22 %	(5.88 %)
Q1 2007	11.01 %	13.86 %	(16.71 %)
Q2 2007	13.80 %	16.47 %	(14.56 %)
Q3 2007	13.39 %	15.92 %	4.97 %
Q4 2007	15.08 %	17.43 %	17.48 %
2007	15.08 %	17.43 %	17.48 %
Q1 2008	14.77 %	17.02 %	16.21 %
Q2 2008	14.41 %	16.66 %	15.58 %
Q3 2008	13.37 %	15.44 %	14.55 %
Q4 2008	13.26 %	15.30 %	16.57 %
2008	13.26 %	15.30 %	16.57 %
Q1 2009	13.40 %	15.37 %	17.12 %
Q2 2009	12.61 %	14.36 %	15.74 %
Q3 2009	10.72 %	12.28 %	13.58 %
Q4 2009	8.77 %	9.57 %	16.53 %
2009	8.77 %	9.57 %	16.53 %
Q1 2010	8.39 %	8.49 %	14.11 %
Q2 2010	7.83 %	7.36 %	15.24 %
Q3 2010	10.30 %	9.36 %	19.88 %
Q4 2010	10.82 %	9.95 %	16.90 %
2010	10.82 %	9.95 %	16.90 %
Q1 2011	10.53 %	14.11 %	15.91 %
Q2 2011	10.60 %	14.54 %	17.01 %
Q3 2011	9.20 %	6.85 %	13.42 %
Q4 2011	9.07 %	5.22 %	16.43 %
2011	9.07 %	5.22 %	16.43 %
Q1 2012	8.23 %	2.85 %	24.20 %
Q2 2012	8.13 %	0.04 %	20.00 %
Q3 2012	7.73 %	5.04 %	17.19 %
Q4 2012	8.12 %	10.47 %	10.66 %
2012	8.12 %	10.47 %	10.66 %
Q1 2013	8.50 %	9.11 %	5.23 %
Q2 2013	9.04 %	11.13 %	5.30 %
Q3 2013	9.46 %	10.90 %	7.60 %
Q4 2013	9.24 %	6.64 %	8.43 %
2013	8.96 %	6.64 %	8.43 %
Q1 2014	9.54 %	6.93 %	8.25 %
Q2 2014	9.47 %	7.10 %	6.40 %
Q3 2014	8.82 %	6.67 %	4.16 %
Q4 2014	8.21 %	5.97 %	4.40 %
2014	8.22 %	6.01 %	4.56 %
Q1 2015	7.89 %	5.95 %	3.20 %
Q2 2015	7.37 %	5.73 %	3.50 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	14.08 %	17.01 %	104.66 %
2006	10.41 %	12.22 %	(5.88 %)
2007	15.08 %	17.43 %	17.48 %
2008	13.26 %	15.30 %	16.57 %
2009	8.77 %	9.57 %	16.53 %
2010	10.82 %	9.95 %	16.90 %
2011	9.07 %	5.22 %	16.43 %
2012	8.12 %	10.47 %	10.66 %
2013	8.96 %	6.64 %	8.43 %
2014	8.22 %	6.01 %	4.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	10.39 %	9.37 %	62.11 %
Q2 2006	6.09 %	9.48 %	26.92 %
Q3 2006	19.84 %	22.30 %	(49.51 %)
Q4 2006	3.26 %	5.72 %	(47.57 %)
Q1 2007	12.91 %	16.17 %	17.81 %
Q2 2007	18.34 %	20.91 %	28.63 %
Q3 2007	17.58 %	19.61 %	17.61 %
Q4 2007	11.36 %	13.18 %	8.16 %
Q1 2008	11.84 %	14.53 %	12.25 %
Q2 2008	16.19 %	18.71 %	23.60 %
Q3 2008	13.77 %	15.23 %	13.97 %
Q4 2008	10.88 %	12.57 %	16.43 %
Q1 2009	12.49 %	14.86 %	14.80 %
Q2 2009	13.01 %	14.67 %	18.30 %
Q3 2009	7.24 %	7.95 %	5.98 %
Q4 2009	2.37 %	0.75 %	29.86 %
Q1 2010	10.83 %	10.17 %	4.61 %
Q2 2010	10.52 %	9.87 %	22.38 %
Q3 2010	15.00 %	14.07 %	21.88 %
Q4 2010	5.66 %	4.46 %	15.92 %
Q1 2011	9.53 %	28.48 %	1.20 %
Q2 2011	10.80 %	12.10 %	25.64 %
Q3 2011	10.19 %	(11.50 %)	9.78 %
Q4 2011	6.06 %	(0.91 %)	26.25 %
Q1 2012	6.34 %	11.97 %	34.37 %
Q2 2012	9.65 %	(0.45 %)	10.81 %
Q3 2012	8.27 %	8.91 %	2.60 %
Q4 2012	7.96 %	21.20 %	(0.85 %)
Q1 2013	8.17 %	6.34 %	8.64 %
Q2 2013	11.55 %	8.34 %	10.39 %
Q3 2013	9.98 %	8.02 %	11.87 %
Q4 2013	6.89 %	3.47 %	2.18 %
Q1 2014	9.39 %	7.48 %	7.95 %
Q2 2014	11.07 %	8.74 %	3.74 %
Q3 2014	7.63 %	6.35 %	2.91 %
Q4 2014	5.09 %	1.69 %	3.65 %
Q1 2015	7.93 %	7.06 %	2.55 %
Q2 2015	8.43 %	7.20 %	4.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	60.00	3.02	3.02	8.32
Q2 2006	60.00	3.08	3.08	8.47
Q3 2006	60.00	0.60	0.60	8.07
Q4 2006	60.00	(0.16)	(0.16)	6.22
Q1 2007	60.00	(0.46)	(0.46)	6.29
Q2 2007	60.00	(0.42)	(0.42)	6.45
Q3 2007	60.00	0.15	0.15	6.73
Q4 2007	60.00	0.56	0.56	7.03
Q1 2008	60.00	0.53	0.53	6.74
Q2 2008	60.00	0.54	0.54	7.78
Q3 2008	60.00	0.52	0.52	7.80
Q4 2008	60.00	0.59	0.59	6.88
Q1 2009	60.00	0.61	0.61	7.01
Q2 2009	60.00	0.54	0.54	7.45
Q3 2009	60.00	0.45	0.45	7.67
Q4 2009	60.00	0.53	0.53	8.32
Q1 2010	60.00	0.45	0.45	8.42
Q2 2010	60.00	0.50	0.50	8.50
Q3 2010	60.00	0.68	0.68	9.07
Q4 2010	60.00	0.60	0.60	8.55
Q1 2011	60.00	0.58	0.58	8.68
Q2 2011	60.00	0.64	0.64	8.93
Q3 2011	60.00	0.51	0.51	8.82
Q4 2011	60.00	0.67	0.67	9.07
Q1 2012	60.00	1.09	1.09	9.19
Q2 2012	60.00	0.99	0.99	9.17
Q3 2012	60.00	0.92	0.92	9.24
Q4 2012	60.00	0.75	0.61	11.57
Q1 2013	60.00	0.45	0.32	11.59
Q2 2013	60.00	0.47	0.33	11.53
Q3 2013	60.00	0.61	0.47	11.79
Q4 2013	60.00	0.66	0.52	12.14
Q1 2014	60.00	0.66	0.52	12.37
Q2 2014	60.00	0.87	0.42	12.43
Q3 2014	60.00	0.75	0.29	11.93
Q4 2014	60.00	1.36	0.33	12.10
Q1 2015	60.00	1.28	0.26	12.16
Q2 2015	60.00	0.96	0.31	12.22

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	60.00	2.67	2.67	7.94
2006	60.00	(0.16)	(0.16)	6.22
2007	60.00	0.56	0.56	7.03
2008	60.00	0.59	0.59	6.88
2009	60.00	0.53	0.53	8.32
2010	60.00	0.60	0.60	8.55
2011	60.00	0.67	0.67	9.07
2012	60.00	0.75	0.61	11.57
2013	60.00	0.66	0.52	12.14
2014	60.00	1.37	0.34	12.10

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	13.13	13.13	4.76
Q2 2006	14.26	14.26	5.18
Q3 2006	99.81	99.81	7.41
Q4 2006	NEG	NEG	3.01
Q1 2007	NEG	NEG	2.69
Q2 2007	NEG	NEG	2.01
Q3 2007	More than 100	More than 100	2.60
Q4 2007	34.49	34.49	2.74
Q1 2008	24.29	24.29	1.92
Q2 2008	23.30	23.30	1.62
Q3 2008	18.63	18.63	1.25
Q4 2008	14.06	14.06	1.21
Q1 2009	13.90	13.90	1.21
Q2 2009	19.38	19.38	1.42
Q3 2009	23.54	23.54	1.38
Q4 2009	18.37	18.37	1.16
Q1 2010	21.24	21.24	1.14
Q2 2010	17.40	17.40	1.02
Q3 2010	12.86	12.86	0.97
Q4 2010	15.71	15.71	1.10
Q1 2011	16.08	16.08	1.07
Q2 2011	15.69	15.69	1.12
Q3 2011	20.28	20.28	1.17
Q4 2011	17.19	17.19	1.27
Q1 2012	15.39	15.39	1.82
Q2 2012	11.49	11.49	1.24
Q3 2012	14.54	14.54	1.45
Q4 2012	16.78	20.55	1.09
Q1 2013	40.54	58.28	1.58
Q2 2013	33.11	46.95	1.34
Q3 2013	24.51	31.63	1.27
Q4 2013	25.56	32.71	1.40
Q1 2014	30.03	38.46	1.61
Q2 2014	23.84	50.12	1.68
Q3 2014	30.93	79.59	1.94
Q4 2014	12.94	52.76	1.45
Q1 2015	16.03	79.99	1.69
Q2 2015	29.80	92.63	2.34

Period	P/E	Adjusted P/E	Price/book
2005	21.16	21.16	7.11
2006	NEG	NEG	3.01
2007	34.49	34.49	2.74
2008	14.06	14.06	1.21
2009	18.37	18.37	1.16
2010	15.71	15.71	1.10
2011	17.19	17.19	1.27
2012	16.78	20.55	1.09
2013	25.57	32.71	1.40
2014	12.83	50.99	1.45

Business Segments (Million)

Compared With The

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
Q3 2012	80.90	1.70	5.65	5.78	(2.06)
Q4 2012	78.36	1.85	6.17	14.58	(9.79)
Q1 2013	81.91	2.21	3.02	12.09	(7.87)
Q2 2013	96.14	-	9.17	-	7.87
Q3 2013	85.51	6.82	7.82	-	(6.81)
Q4 2013	81.32	2.12	4.67	-	(2.79)
Q1 2014	94.51	2.41	3.64	-	(2.57)
Q2 2014	104.35	2.69	9.23	-	(2.87)
Q3 2014	117.00	2.73	6.76	-	(2.92)
Q4 2014	114.97	2.44	3.56	-	(2.54)
Q1 2015	123.27	2.78	3.42	-	(2.92)
Q2 2015	155.78	3.84	3.76	-	(3.84)

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
2009	170.45	-	20.17	-	-
2010	188.84	-	24.27	-	-
2011	227.22	-	16.72	-	-
2012	300.77	6.51	22.79	53.72	(38.81)
2013	344.88	8.94	24.68	-	(9.60)
2014	430.83	10.26	23.18	-	(10.91)

Financial Ratios

	Current
Market Cap (M Riyal)	4,068.00
Enterprise Value (EV) (M)	5,397.37
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	1.69
Book Value (BV) ( Riyal)	14.79
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	40.11
Price/book	4.59
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	11.8

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SASCO H1 net profit down 78% to SAR 6.9 mln

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Share Price

Saudi Automotive Services Co. (SASCO)

Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

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Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

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Business Segments (Million)

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SASCO H1 net profit down 78% to SAR 6.9 mln

View other reports

Share Price

Saudi Automotive Services Co. (SASCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2015

Revenue by Business Segment (Latest) 2015 Q2

Financial Ratios

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Business Segments (Million)