Financial Results : SASCO posts lower net profit at SAR 18.2m in I2 of 2013

SASCO posts lower net profit at SAR 18.2m in I2 of 2013

30/06/2013 Argaam Exclusive

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Saudi Automotive Services Co. reported SAR 18.2m net profit at the end of the first half of 2013, compared to 35.2m in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 161.85 190.24 17.5 %
Gross Income 13.13 18.89 43.8 %
Operating Income 4.79 6.19 29.2 %
Net Income 35.17 18.17 (48.3 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.50 0.26 (48.3 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 86.85 98.88 13.8 %
Gross Income 8.38 11.42 36.3 %
Operating Income 4.71 4.18 (11.2 %)
Net Income 9.39 10.27 9.4 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.13 0.15 9.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 16.23 143.9 % 1.64 62.9 % 0.35 234.6 %
Q2 2004 27.30 157.0 % 10.28 416.2 % 8.76 1410.9 %
Q3 2004 33.33 105.5 % 9.45 345.5 % 8.28 647.2 %
Q4 2004 26.60 87.4 % 1.47 571.7 % - -
Q1 2005 28.04 72.7 % 3.57 117.6 % 2.27 541.8 %
Q2 2005 35.44 29.8 % 5.27 (48.7 %) 3.63 (58.6 %)
Q3 2005 51.53 54.6 % 9.51 0.6 % 8.59 3.7 %
Q4 2005 38.06 43.1 % 3.21 118.2 % - -
Q1 2006 40.14 43.2 % 4.17 16.7 % 1.44 (36.7 %)
Q2 2006 35.09 (1.0 %) 2.14 (59.4 %) 1.02 (72.1 %)
Q3 2006 48.36 (6.1 %) 9.60 0.9 % 8.50 (1.0 %)
Q4 2006 42.45 11.5 % 1.39 (56.8 %) - -
Q1 2007 39.55 (1.5 %) 5.11 22.5 % 4.16 189.5 %
Q2 2007 41.94 19.5 % 7.69 259.9 % 6.54 543.9 %
Q3 2007 57.80 19.5 % 10.16 5.9 % 9.16 7.7 %
Q4 2007 52.43 23.5 % 5.96 330.0 % - -
Q1 2008 45.26 14.4 % 5.36 5.0 % 4.20 0.9 %
Q2 2008 52.73 25.7 % 8.54 11.0 % 7.47 14.3 %
Q3 2008 64.72 12.0 % 8.91 (12.2 %) 7.36 (19.7 %)
Q4 2008 51.61 (1.6 %) 5.61 (5.7 %) - -
Q1 2009 44.25 (2.2 %) 5.53 3.2 % 4.08 (2.7 %)
Q2 2009 47.00 (10.9 %) 6.12 (28.4 %) 4.42 (40.8 %)
Q3 2009 55.74 (13.9 %) 4.04 (54.7 %) 1.97 (73.3 %)
Q4 2009 43.63 (15.5 %) 1.03 (81.6 %) - -
Q1 2010 45.44 2.7 % 4.92 (11.0 %) 2.14 (47.6 %)
Q2 2010 50.64 7.8 % 5.33 (12.9 %) 2.29 (48.1 %)
Q3 2010 66.32 19.0 % 9.95 146.5 % 6.64 237.6 %
Q4 2010 50.71 16.2 % 2.87 178.2 % - -
Q1 2011 49.26 8.4 % 4.70 (4.5 %) 0.86 (59.9 %)
Q2 2011 59.35 17.2 % 6.41 20.4 % 3.02 31.6 %
Q3 2011 68.38 3.1 % 6.97 (30.0 %) 2.88 (56.7 %)
Q4 2011 66.94 32.0 % 4.06 41.3 % - -
Q1 2012 75.00 52.2 % 4.75 1.2 % 0.08 (90.2 %)
Q2 2012 86.85 46.3 % 8.38 30.7 % 4.71 56.0 %
Q3 2012 91.96 34.5 % 7.61 9.2 % 2.76 (4.2 %)
Q4 2012 91.17 36.2 % 7.26 78.9 % - -
Q1 2013 91.36 21.8 % 7.46 57.0 % 2.01 2289.3 %
Q2 2013 98.88 13.8 % 11.42 36.3 % 4.18 (11.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 2.25 81.5 % 0.03 - 2.25 0.03
Q2 2004 10.81 250.0 % 0.15 - 10.81 0.15
Q3 2004 5.02 66.5 % 0.07 - 5.02 0.07
Q4 2004 3.94 (34.2 %) 0.06 - 3.94 0.06
Q1 2005 4.15 84.8 % 0.06 - 4.15 0.06
Q2 2005 5.57 (48.5 %) 0.08 - 5.57 0.08
Q3 2005 124.98 2389.1 % 1.79 - 124.98 1.79
Q4 2005 25.50 546.9 % 0.36 - 25.50 0.36
Q1 2006 24.93 500.2 % 0.36 - 24.93 0.36
Q2 2006 9.45 69.7 % 0.13 - 9.45 0.13
Q3 2006 (23.95) (119.2 %) (0.34) - (23.95) (0.34)
Q4 2006 (20.19) (179.2 %) (0.29) - (20.19) (0.29)
Q1 2007 7.04 (71.7 %) 0.10 - 7.04 0.10
Q2 2007 12.01 27.1 % 0.17 - 12.01 0.17
Q3 2007 10.18 142.5 % 0.15 - 10.18 0.15
Q4 2007 4.28 121.2 % 0.06 - 4.28 0.06
Q1 2008 5.54 (21.3 %) 0.08 - 5.54 0.08
Q2 2008 12.45 3.6 % 0.18 - 12.45 0.18
Q3 2008 9.04 (11.2 %) 0.13 - 9.04 0.13
Q4 2008 8.48 98.2 % 0.12 - 8.48 0.12
Q1 2009 6.55 18.2 % 0.09 - 6.55 0.09
Q2 2009 8.60 (30.9 %) 0.12 - 8.60 0.12
Q3 2009 3.34 (63.1 %) 0.05 - 3.34 0.05
Q4 2009 13.03 53.7 % 0.19 - 13.03 0.19
Q1 2010 2.10 (68.0 %) 0.03 - 2.10 0.03
Q2 2010 11.34 31.8 % 0.16 - 11.34 0.16
Q3 2010 14.51 335.1 % 0.21 - 14.51 0.21
Q4 2010 8.07 (38.0 %) 0.12 - 8.07 0.12
Q1 2011 0.59 (71.8 %) 0.01 - 0.59 0.01
Q2 2011 15.32 35.1 % 0.22 - 15.32 0.22
Q3 2011 6.59 (54.6 %) 0.09 - 6.59 0.09
Q4 2011 17.57 117.6 % 0.25 - 17.57 0.25
Q1 2012 25.78 4269.3 % 0.37 - 25.78 0.37
Q2 2012 9.39 (38.7 %) 0.13 - 9.39 0.13
Q3 2012 2.39 (63.7 %) 0.03 - 2.39 0.03
Q4 2012 7.50 (57.3 %) 0.11 8.27 (0.77) (0.01)
Q1 2013 7.90 (69.4 %) 0.11 - 7.90 0.11
Q2 2013 10.27 9.4 % 0.15 - 10.27 0.15

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 10.43 % - 25.04 %
Q2 2004 19.28 % - 29.83 %
Q3 2004 23.71 % - 26.43 %
Q4 2004 22.08 % - 21.28 %
Q1 2005 21.49 % - 20.75 %
Q2 2005 16.02 % - 15.14 %
Q3 2005 14.00 % - 97.91 %
Q4 2005 14.08 % - 104.66 %
Q1 2006 13.41 % - 109.57 %
Q2 2006 11.54 % - 112.15 %
Q3 2006 11.82 % - 22.22 %
Q4 2006 10.41 % - (5.88 %)
Q1 2007 11.01 % - (16.71 %)
Q2 2007 13.80 % - (14.56 %)
Q3 2007 13.39 % - 4.97 %
Q4 2007 15.08 % - 17.48 %
Q1 2008 14.77 % - 16.21 %
Q2 2008 14.41 % - 15.58 %
Q3 2008 13.37 % - 14.55 %
Q4 2008 13.26 % - 16.57 %
Q1 2009 13.40 % - 17.12 %
Q2 2009 12.61 % - 15.74 %
Q3 2009 10.72 % - 13.58 %
Q4 2009 8.77 % - 16.53 %
Q1 2010 8.39 % - 14.11 %
Q2 2010 7.83 % - 15.24 %
Q3 2010 10.30 % - 19.88 %
Q4 2010 10.82 % - 16.90 %
Q1 2011 10.53 % - 15.91 %
Q2 2011 10.60 % - 17.06 %
Q3 2011 9.20 % - 13.42 %
Q4 2011 9.07 % - 16.43 %
Q1 2012 8.23 % - 24.20 %
Q2 2012 8.13 % - 19.97 %
Q3 2012 7.73 % - 17.19 %
Q4 2012 8.12 % - 10.66 %
Q1 2013 8.50 % - 5.23 %
Q2 2013 9.04 % - 5.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 70.00 0.20 0.20 4.77
Q2 2004 70.00 0.32 0.32 4.71
Q3 2004 70.00 0.34 0.34 4.79
Q4 2004 70.00 0.31 0.31 4.84
Q1 2005 70.00 0.34 0.34 4.89
Q2 2005 70.00 0.27 0.27 4.68
Q3 2005 70.00 1.98 1.98 6.51
Q4 2005 70.00 2.29 2.29 6.81
Q1 2006 70.00 2.59 2.59 7.13
Q2 2006 70.00 2.64 2.64 7.26
Q3 2006 70.00 0.51 0.51 6.91
Q4 2006 70.00 (0.14) (0.14) 5.34
Q1 2007 70.00 (0.39) (0.39) 5.39
Q2 2007 70.00 (0.36) (0.36) 5.53
Q3 2007 70.00 0.13 0.13 5.77
Q4 2007 70.00 0.48 0.48 6.03
Q1 2008 70.00 0.46 0.46 5.78
Q2 2008 70.00 0.46 0.46 6.67
Q3 2008 70.00 0.45 0.45 6.69
Q4 2008 70.00 0.51 0.51 5.89
Q1 2009 70.00 0.52 0.52 6.01
Q2 2009 70.00 0.47 0.47 6.38
Q3 2009 70.00 0.39 0.39 6.58
Q4 2009 70.00 0.45 0.45 7.13
Q1 2010 70.00 0.39 0.39 7.22
Q2 2010 70.00 0.43 0.43 7.29
Q3 2010 70.00 0.59 0.59 7.78
Q4 2010 70.00 0.51 0.51 7.33
Q1 2011 70.00 0.49 0.49 7.44
Q2 2011 70.00 0.55 0.55 7.65
Q3 2011 70.00 0.44 0.44 7.56
Q4 2011 70.00 0.57 0.57 7.78
Q1 2012 70.00 0.93 0.93 7.88
Q2 2012 70.00 0.85 0.85 7.86
Q3 2012 70.00 0.79 0.79 7.92
Q4 2012 70.00 0.64 0.53 9.91
Q1 2013 70.00 0.39 0.27 9.93
Q2 2013 70.00 0.40 0.28 9.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 37.57 37.57 1.61
Q2 2004 33.91 33.91 2.27
Q3 2004 39.84 39.84 2.86
Q4 2004 34.58 34.58 2.25
Q1 2005 29.47 29.47 2.06
Q2 2005 More than 100 More than 100 6.59
Q3 2005 24.78 24.78 7.54
Q4 2005 21.16 21.16 7.11
Q1 2006 13.13 13.13 4.76
Q2 2006 14.26 14.26 5.18
Q3 2006 99.80 99.80 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 34.48 34.48 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 15.65 15.65 1.12
Q3 2011 20.27 20.27 1.17
Q4 2011 17.19 17.19 1.27
Q1 2012 15.39 15.39 1.82
Q2 2012 11.51 11.51 1.24
Q3 2012 14.54 14.54 1.45
Q4 2012 16.78 20.55 1.09
Q1 2013 40.53 58.27 1.58
Q2 2013 33.10 46.95 1.34

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


Financial Ratios
Current
Market Cap (M Riyal) 4,641.00
Enterprise Value (EV) (M) 6,184.45
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) 46.63
Price/book 5.51
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 11.6
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Share Price

Saudi Automotive Services Co.
66.30
(1.50) (2.21 %)

Saudi Automotive Services Co. (SASCO)

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