SASCO 2021 net profit up 27% to SAR 50.8 mln; Q4 earnings at SAR 15.3 mln

10/03/2022 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a 27% rise in the 2021 net profit after Zakat and tax to SAR 50.8 million, from SAR 40.1 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	2,136.24	4,061.64	90.1 %
Gross Income	150.26	159.30	6.0 %
Operating Income	104.34	104.30	0.0 %
Net Income	40.13	50.84	26.7 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.57	0.73	26.7 %

The higher profit was driven by better sales volumes and gross profit. Moreover, the company reported an increase in investment income and lower credit loss provisions and Zakat expenses.

In Q4 2021, the company reported a net profit after Zakat and tax of SAR 15.3 million, a rise of 52% year-on-year (YoY).

On a sequential basis, Q4 net profit climbed 34.5% from SAR 11.40 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	610.97	1,214.42	98.8 %
Gross Income	34.26	50.30	46.8 %
Operating Income	19.59	30.65	56.5 %
Net Income	10.12	15.35	51.7 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.14	0.22	51.7 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	1,140.82	1,214.42	6.5 %
Gross Income	36.41	50.30	38.1 %
Operating Income	23.55	30.65	30.1 %
Net Income	11.40	15.35	34.6 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.16	0.22	34.6 %

Shareholders’ equity, excluding minority interest, edged up to SAR 811.94 million in 2021, compared to SAR 804.75 million in 2020.

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