SASCO posts 76% profit leap in 2022 to SAR 89.7 mln; Q4 at SAR 28.5 mln

08/03/2023 Argaam Exclusive

Saudi Automotive Services Co. (SASCO) reported a 76% rise in 2022 net profit to SAR 89.7 million, from SAR 50.8 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 4,061.64 7,852.21 93.3 %
Gross Income 159.30 258.75 62.4 %
Operating Income 104.30 160.80 54.2 %
Net Income 50.84 75.18 47.9 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.73 1.07 47.9 %

The robust performance was driven by a 93% surge year-on-year (YoY) in revenue on the acquisition of an 80% stake in NAFT Services Limited Co. SASCO also reported higher sales volumes, which boosted total profit and other revenue resulting from the sale and leaseback of nine sites.

 

This came despite an increase in general and administrative expenses due to acquisition costs, as well as sales and marketing expenses, which reduced profit from core activities. The company also recorded an increase in financing costs and Zakat expenses along with a decrease in investment income.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 1,214.42 2,273.76 87.2 %
Gross Income 50.30 80.25 59.5 %
Operating Income 30.65 52.46 71.1 %
Net Income 15.35 13.94 (9.1 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.22 0.20 (9.1 %)

In Q4 2022, net profit surged 86% to SAR 28.5 million, from SAR 15.35 million in the year-earlier period.

 

The fourth-quarter net profit jumped 21% quarter-on-quarter from SAR 23.53 million.

 

Shareholders’ equity, after minority interest, grew to SAR 836.33 million as of Dec. 31, 2022, from SAR 811.94 million a year earlier.

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Share Price

Saudi Automotive Services Co.
77.50
(0.20) (0.26 %)

Saudi Automotive Services Co. (SASCO)

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Financial Ratios
Current
Market Cap (M Riyal) 5,425.00
Enterprise Value (EV) (M) 6,968.45
Shares Outstanding ((M)) 70.00
EPS ( Riyal) (TTM) 1.42
Book Value (BV) ( Riyal) 12.03
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 6.44
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 11.6
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