SASCO net profit rises 11% to SAR 30 mln in 9M 2020

22/10/2020 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) posted an 11% rise in net profit after Zakat and tax to SAR 30 million for the first nine months of 2020, compared to a net profit of SAR 27 million a year earlier.

The profit growth was spurred by improved profit margins from the fuel business during the current period. Moreover, a decrease in selling, marketing, general and administrative expenses also bolstered the nine-month period results despite the allocation of a credit loss provision for the COVID-19 pandemic impact.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,801.09	1,525.27	(15.3 %)
Gross Income	64.65	116.00	79.4 %
Operating Income	31.32	84.75	170.6 %
Net Income	27.03	30.01	11.0 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.39	0.43	11.0 %

The third-quarter net profit after Zakat and tax jumped 34% year-on-year (YoY) to SAR 17.5 million, thanks to a rise in profit margins from the fuel business, along with a decline in selling, marketing and Zakat expenses.

When compared to the previous quarter, SASCO’s bottom line more than tripled from SAR 4.4 million, as sales surged 97.3%. In addition, Q2 2020 implied a credit loss provision for the COVID-19 pandemic impact.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	647.27	586.83	(9.3 %)
Gross Income	22.08	39.68	79.7 %
Operating Income	12.90	28.34	119.7 %
Net Income	13.03	17.45	33.9 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.19	0.25	33.9 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	297.37	586.83	97.3 %
Gross Income	46.00	39.68	(13.7 %)
Operating Income	39.28	28.34	(27.9 %)
Net Income	4.44	17.45	293.1 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.06	0.25	293.1 %

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