SASCO posts 76% profit leap in 2022 to SAR 89.7 mln; Q4 at SAR 28.5 mln

08/03/2023 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a 76% rise in 2022 net profit to SAR 89.7 million, from SAR 50.8 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	4,061.64	7,852.21	93.3 %
Gross Income	159.30	258.75	62.4 %
Operating Income	104.30	160.80	54.2 %
Net Income	50.84	75.18	47.9 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.73	1.07	47.9 %

The robust performance was driven by a 93% surge year-on-year (YoY) in revenue on the acquisition of an 80% stake in NAFT Services Limited Co. SASCO also reported higher sales volumes, which boosted total profit and other revenue resulting from the sale and leaseback of nine sites.

This came despite an increase in general and administrative expenses due to acquisition costs, as well as sales and marketing expenses, which reduced profit from core activities. The company also recorded an increase in financing costs and Zakat expenses along with a decrease in investment income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	1,214.42	2,273.76	87.2 %
Gross Income	50.30	80.25	59.5 %
Operating Income	30.65	52.46	71.1 %
Net Income	15.35	13.94	(9.1 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.22	0.20	(9.1 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	2,240.51	2,273.76	1.5 %
Gross Income	73.13	80.25	9.7 %
Operating Income	47.77	52.46	9.8 %
Net Income	23.53	13.94	(40.8 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.34	0.20	(40.8 %)

In Q4 2022, net profit surged 86% to SAR 28.5 million, from SAR 15.35 million in the year-earlier period.

The fourth-quarter net profit jumped 21% quarter-on-quarter from SAR 23.53 million.

Shareholders’ equity, after minority interest, grew to SAR 836.33 million as of Dec. 31, 2022, from SAR 811.94 million a year earlier.

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