Financial Results : SASCO net profit dips 2% in 9M 2016

SASCO net profit dips 2% in 9M 2016

19/10/2016 Argaam Exclusive

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Saudi Automotive Services Co.’s (SASCO) net profit for the first nine months of 2016 edged down 2 percent year-on-year to SAR 13.2 million on higher general and administrative expenses, an increase in employment costs, zakat expenses, and banking charges.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 477.68 818.41 71.3 %
Gross Income 40.59 42.72 5.3 %
Operating Income 15.36 12.96 (15.6 %)
Net Income 13.42 12.84 (4.3 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.19 0.18 (4.3 %)

Net profit for the third quarter rose 10 percent YoY at SAR 7.14 million as sales grew and net income from investments rose. Q3 profit was 62 percent higher compared to the previous quarter due to a drop in cost of sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 191.60 272.49 42.2 %
Gross Income 17.11 17.71 3.5 %
Operating Income 7.45 6.50 (12.7 %)
Net Income 6.48 6.67 3.0 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.09 0.10 3.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2013 93.35 1.5 % 9.32 22.5 % 3.24 17.4 %
Q4 2013 85.32 (6.4 %) 5.88 (19.0 %) - -
Q1 2014 97.98 7.2 % 9.20 23.3 % 3.23 60.8 %
Q2 2014 113.40 14.7 % 12.55 9.9 % 5.13 22.6 %
Q3 2014 123.57 32.4 % 9.42 1.1 % 2.87 (11.3 %)
Q4 2014 118.46 38.8 % 6.03 2.6 % - -
Q1 2015 126.54 29.1 % 10.03 9.0 % 3.02 (6.3 %)
Q2 2015 159.53 40.7 % 13.45 7.2 % 4.89 (4.7 %)
Q3 2015 191.60 55.1 % 17.11 81.5 % 7.45 159.5 %
Q4 2015 187.37 58.2 % 11.12 84.4 % - -
Q1 2016 270.95 114.1 % 12.63 25.9 % 3.53 16.9 %
Q2 2016 274.97 72.4 % 12.38 (8.0 %) 2.92 (40.2 %)
Q3 2016 272.49 42.2 % 17.71 3.5 % 6.50 (12.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2013 11.08 363.5 % 0.16 - 11.08 0.16
Q4 2013 10.56 40.8 % 0.15 8.70 1.86 0.03
Q1 2014 7.79 (1.4 %) 0.11 - 7.79 0.11
Q2 2014 23.06 124.6 % 0.33 18.82 4.24 0.06
Q3 2014 3.60 (67.5 %) 0.05 - 3.60 0.05
Q4 2014 - - - 42.61 - -
Q1 2015 3.23 (58.5 %) 0.05 - 3.23 0.05
Q2 2015 3.71 (83.9 %) 0.05 (3.62) 7.33 0.10
Q3 2015 6.48 79.8 % 0.09 - 6.48 0.09
Q4 2015 - - - - - -
Q1 2016 1.63 (49.7 %) 0.02 - 1.63 0.02
Q2 2016 4.54 22.4 % 0.06 - 4.54 0.06
Q3 2016 6.67 3.0 % 0.10 - 6.67 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2013 9.46 % - 7.60 %
Q4 2013 9.24 % - 8.43 %
Q1 2014 9.54 % - 8.25 %
Q2 2014 9.47 % - 6.40 %
Q3 2014 8.82 % - 4.16 %
Q4 2014 8.21 % - 3.45 %
Q1 2015 7.89 % - 2.30 %
Q2 2015 7.37 % - 2.68 %
Q3 2015 7.82 % - 2.86 %
Q4 2015 7.77 % - 2.56 %
Q1 2016 6.71 % - 1.91 %
Q2 2016 5.76 % - 1.37 %
Q3 2016 5.35 % - 1.28 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 70.00 0.52 0.41 10.11
Q4 2013 70.00 0.57 0.44 10.41
Q1 2014 70.00 0.57 0.44 10.60
Q2 2014 70.00 0.75 0.36 10.66
Q3 2014 70.00 0.64 0.25 10.23
Q4 2014 70.00 0.49 0.22 10.37
Q1 2015 70.00 0.43 0.16 10.43
Q2 2015 70.00 0.15 0.20 10.47
Q3 2015 70.00 0.19 0.24 10.44
Q4 2015 70.00 0.19 0.24 10.46
Q1 2016 70.00 0.17 0.22 11.44
Q2 2016 70.00 0.18 0.18 11.13
Q3 2016 70.00 0.18 0.18 11.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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 79.58 1.94
Q4 2014 30.56 67.36 1.45
Q1 2015 41.20 More than 100 1.69
Q2 2015 More than 100 More than 100 2.34
Q3 2015 85.40 67.25 1.57
Q4 2015 89.52 70.49 1.64
Q1 2016 74.86 57.29 1.10
Q2 2016 68.85 68.85 1.12
Q3 2016 50.52 50.52 0.83

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)
Q3 2015 183.13 4.42 8.45 - (4.40)
Q4 2015 183.06 4.30 4.66 - (4.64)
Q1 2016 269.80 4.67 3.32 - (6.83)
Q2 2016 267.65 5.05 8.25 - (5.98)
Q3 2016 269.70 4.92 5.67 - (7.81)


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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Share Price

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

Saudi Automotive Services Co. (SASCO)

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