SASCO reports SAR 121.8 mln net profit in FY 2019

31/03/2020 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) posted a threefold increase year-on-year (YoY) in net profit after Zakat and tax to SAR 121.8 million in the fiscal year 2019, compared to SAR 35.5 million a year earlier.

The company attributed the increase to higher sales by 20.76%, in addition to the growth in profit margin for fuel, which in turn, affected the rise in the gross and operating profits.

SASCO also cited higher investment revenues and other income.

This was partially offset by higher selling and general expenses due to the increase in recruitment costs; rise in financing costs resulting from the implementation of IFRS 16; and higher Zakat expenses.

Financials (M)

Item	2018	2019	Change‬
Revenues	2,056.08	2,482.84	20.8 %
Gross Income	81.98	158.60	93.5 %
Operating Income	37.68	103.99	175.9 %
Net Income	35.45	120.65	240.3 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.51	1.72	240.3 %

In Q4 2019, the company’s net profit after Zakat and tax jumped to SAR 94.9 million compared to SAR 10.2 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	549.26	681.75	24.1 %
Gross Income	27.73	93.94	238.8 %
Net Income	0.03	20.95	72148.3 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.00	0.30	72148.3 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	647.27	681.75	5.3 %
Gross Income	22.08	93.94	325.5 %
Operating Income	12.90	-	-
Net Income	13.03	20.95	60.8 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.19	0.30	60.8 %

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