Financial Results : SASCO net profit down 33% to SAR 8 mln in Q1 2022

SASCO net profit down 33% to SAR 8 mln in Q1 2022

24/04/2022 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 8.02 million for the first quarter of 2022, a 33.2% decrease from SAR 12.01 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 750.54 1,272.47 69.5 %
Gross Income 37.65 35.66 (5.3 %)
Operating Income 23.53 20.42 (13.2 %)
Net Income 12.01 8.02 (33.3 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.17 0.11 (33.3 %)

The profit decline was driven by lower gross profit due to the inclusion of stock adjustments resulting from fluctuations in fuel prices in 2021.

 

That is in addition to the suspension of some sites for development work, a drop in diesel margins and investment profits and sharper IFRS 16 impacts, paired with higher operating and financing costs, as well as general and administrative expenses.

 

This was offset by an increase in sales volume and higher other income.

 

When compared to the previous quarter, Q1 2022 net profit edged down 47.8%.

 

Total shareholders’ equity, excluding minority interests, grew slightly by 1.3% to SAR 824.95 million from SAR 817.7 million in Q1 2021.

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