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

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 %)

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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