SASCO net profit rises 18% to SAR 35.5 mln in 9M 2021

27/10/2021 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 35.5 million in the first nine months of 2021, an increase of 18% from SAR 30 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,525.27	2,847.23	86.7 %
Gross Income	116.00	109.00	(6.0 %)
Operating Income	84.75	73.65	(13.1 %)
Net Income	30.01	35.50	18.3 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.43	0.51	18.3 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	586.83	1,140.82	94.4 %
Gross Income	39.68	36.41	(8.2 %)
Operating Income	28.34	23.55	(16.9 %)
Net Income	17.45	11.40	(34.6 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.25	0.16	(34.6 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	955.87	1,140.82	19.3 %
Gross Income	34.94	36.41	4.2 %
Operating Income	26.06	23.55	(9.6 %)
Net Income	12.08	11.40	(5.6 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.17	0.16	(5.6 %)

The company reported a net profit after Zakat and tax of SAR 11.4 million for Q3 2021, a decline of 35% year-on-year (YoY).

On a sequential basis, Q3 net profit fell 5.6%.

Total shareholders’ equity, excluding minority interests, edged down 1.3% YoY to SAR 811.31 million as of Sept. 30, 2021.

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