Financial Results : SASCO profit leaps 76% to SAR 14.1 mln in Q1 2023

SASCO profit leaps 76% to SAR 14.1 mln in Q1 2023

08/05/2023 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 14.1 million for the first quarter of 2023, leaping 76% from SAR 8 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,272.47 2,220.18 74.5 %
Gross Income 35.66 78.95 121.4 %
Operating Income 20.42 53.05 159.7 %
Net Income 8.02 12.25 52.7 %
Average Shares 70.00 70.00 -
Earnings Per Share before unusual items (Riyals) 0.11 0.18 58.9 %
EPS (Riyals) 0.11 0.17 52.7 %

The profit increase was due to higher sales, which led to a rise in gross profit and income from main operations, in addition to an increase in other revenues.

 

This came despite higher general, administrative and marketing expenses, provision for credit losses, financing costs, and Zakat expenses related to the Zakat assessment for the years from 2014 to 2018.

 

Compared to the previous quarter, Q1 2023 net profit fell 50.6% from SAR 28.47 million.

 

Total shareholders’ equity, excluding minority interests, reached SAR 849.4 million at the end of Q1 2023, compared to SAR 825 million a year before.

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