Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 61.2 million for the first nine months of 2022, a 73% surge compared to SAR 35.5 million in the year-earlier period, on a 96% increase year-on-year (YoY) in revenue and higher sales volumes, despite an increase in general and administrative (G&A) expenses.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 2,847.23 | 5,578.46 | 95.9 % |
| Gross Income | 109.00 | 178.50 | 63.8 % |
| Operating Income | 73.65 | 108.34 | 47.1 % |
| Net Income | 35.50 | 61.24 | 72.5 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.51 | 0.87 | 72.5 % |
Q3 2022 net profit after Zakat and tax amounted to SAR 23.5 million, a more than two-fold rise from SAR 11.40 million in Q3 2021, due to a 96% surge YoY in revenue following the acquisition of 80% of Naft Capital.
The company also cited higher sales volume and investment income, despite a rise in expenses related to G&A, sales and marketing, financing cost and Zakat.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 1,140.82 | 2,240.51 | 96.4 % |
| Gross Income | 36.41 | 73.13 | 100.8 % |
| Operating Income | 23.55 | 47.77 | 102.8 % |
| Net Income | 11.40 | 23.53 | 106.4 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.16 | 0.34 | 106.4 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 2,065.47 | 2,240.51 | 8.5 % |
| Gross Income | 69.72 | 73.13 | 4.9 % |
| Operating Income | 40.15 | 47.77 | 19.0 % |
| Net Income | 29.68 | 23.53 | (20.7 %) |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.42 | 0.34 | (20.7 %) |
On a sequential basis, Q3 net profit dropped 20.7% from SAR 29.69 million.
Shareholders’ equity, no minority interest, reached SAR 833.15 million as of Sept. 30, 2022, compared to SAR 811.31 million in the year-earlier period.
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