SASCO's net profit declines 10% to SAR 12.6 mln in H1 2020

22/07/2020 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 12.6 million for the first half of 2020, a slump of 10% year-on-year (YoY), driven by lower revenue, on the COVID-19 precautionary measures, decreased investment income, and higher financing expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,153.83	938.44	(18.7 %)
Gross Income	42.57	76.32	79.3 %
Operating Income	18.42	56.41	206.2 %
Net Income	14.00	12.56	(10.3 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.20	0.18	(10.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	592.95	297.37	(49.8 %)
Gross Income	22.82	46.00	101.6 %
Operating Income	11.53	39.28	240.6 %
Net Income	5.12	4.44	(13.2 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.07	0.06	(13.2 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	641.07	297.37	(53.6 %)
Gross Income	30.32	46.00	51.7 %
Operating Income	17.13	39.28	129.3 %
Net Income	8.12	4.44	(45.3 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.12	0.06	(45.3 %)

The company’s net profit after Zakat and tax for the second quarter stood at SAR 4.4 million, down 13% YoY, due to a 49.85% decline in revenue over COVID-19 precautionary measures, despite lower general and administrative expenses (G&As).

On a quarter-on-quarter basis, the profit for the current quarter decreased by 45.3%.

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