Financial Results : SASCO net profit tumbles 67% to SAR 40.1 mln in 2020

SASCO net profit tumbles 67% to SAR 40.1 mln in 2020

28/03/2021 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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