Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 40.1 million for 2020, a 67% decline from SAR 120.7 million in 2019.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 2,482.84 | 2,136.24 | (14.0 %) |
| Gross Income | 158.60 | 150.26 | (5.3 %) |
| Operating Income | 103.99 | 104.34 | 0.3 % |
| Net Income | 120.65 | 40.13 | (66.7 %) |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 1.72 | 0.57 | (66.7 %) |
The company attributed the profit drop to lower sales of all segments as a result of the precautionary measures taken, including the curfew measures imposed in some cities and regions of the Kingdom to limit the spread of COVID-19.
The company also reported higher financing costs and Zakat expenses. In addition, it booked a provision for expected credit losses of SAR 21 million, and investment income fell when compared to 2019.
In Q4 2020, the company reported a net profit after Zakat and tax of SAR 10.1 million, a decline of 89%, compared to SAR 93.6 million in the same period a year ago.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 681.75 | 610.97 | (10.4 %) |
| Gross Income | 93.94 | 34.26 | (63.5 %) |
| Net Income | 20.95 | 10.12 | (51.7 %) |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.30 | 0.14 | (51.7 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 586.83 | 610.97 | 4.1 % |
| Gross Income | 39.68 | 34.26 | (13.7 %) |
| Operating Income | 28.34 | 19.59 | (30.9 %) |
| Net Income | 17.45 | 10.12 | (42.0 %) |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.25 | 0.14 | (42.0 %) |
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