SASCO net profit rises 92% to SAR 24.1 mln in H1 2021

03/08/2021 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported net profit after Zakat and tax of SAR 24.1 million in H1 2021, an increase of 92% from SAR 12.6 million in the prior-year period.

The profit hike was attributed to higher revenue and investment profit, in addition to the inclusion of a provision for expected credit losses in the same period of the previous year.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	938.44	1,706.41	81.8 %
Gross Income	76.32	72.59	(4.9 %)
Operating Income	56.41	49.59	(12.1 %)
Net Income	12.56	24.09	91.8 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.18	0.34	91.8 %

The company reported a net profit after Zakat and tax of SAR 12.1 million for Q2 2021, an increase of 172%, compared to the same quarter last year.

On a sequential basis, Q2 2021 net profit rose slightly by 0.6%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	297.37	955.87	221.4 %
Gross Income	46.00	34.94	(24.0 %)
Operating Income	39.28	26.06	(33.7 %)
Net Income	4.44	12.08	172.2 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.06	0.17	172.2 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	750.54	955.87	27.4 %
Gross Income	37.65	34.94	(7.2 %)
Operating Income	23.53	26.06	10.8 %
Net Income	12.01	12.08	0.6 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.17	0.17	0.6 %

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