SASCO’s H1 2022 net profit up 57% to SAR 37.7 mln; Q2 at SAR 29.7 mln

21/08/2022 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 37.7 million in H1 2022, an increase of 57%, compared to SAR 24.1 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,706.41	3,337.95	95.6 %
Gross Income	72.59	105.38	45.2 %
Operating Income	49.59	60.57	22.2 %
Net Income	24.09	37.70	56.5 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.34	0.54	56.5 %

The increase was driven by higher revenue following the acquisition of 80% of Naft Co., which increased the gross profit. In addition, other revenues increased resulting from the selling and leaseback of nine sites owned by SASCO.

This came despite the increase in G&A expenses, financing costs and the inclusion of acquisition-related fees, which led to lower income from the main operations, a provision for expected credit losses, and the increase in Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	955.87	2,065.47	116.1 %
Gross Income	34.94	69.72	99.6 %
Operating Income	26.06	40.15	54.1 %
Net Income	12.08	29.68	145.7 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.17	0.42	145.7 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	1,272.47	2,065.47	62.3 %
Gross Income	35.66	69.72	95.5 %
Operating Income	20.42	40.15	96.6 %
Net Income	8.02	29.68	270.3 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.11	0.42	270.3 %

The company’s Q2 2022 net profit after Zakat and tax rose 146% to SAR 29.7 million from SAR 12.1 million a year earlier.

On a sequential basis, Q2 net profit more than tripled from SAR 8 million.

Total shareholders’ equity, excluding minority interest, stood at SAR 839.44 million by the end of H1 2022, compared to SAR 816.94 million in the year-earlier period.

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