Financial Results : SASCO profit down 28% to SAR 27.1 mln in H1 2023; Q2 at SAR 13 mln

SASCO profit down 28% to SAR 27.1 mln in H1 2023; Q2 at SAR 13 mln

27/07/2023 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 27.1 million for the first half of 2023, a drop of 28% from SAR 37.7 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 3,337.95 4,456.17 33.5 %
Gross Income 105.38 154.42 46.5 %
Operating Income 60.57 99.08 63.6 %
Net Income 37.70 23.44 (37.8 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.54 0.33 (37.8 %)

SASCO attributed the lower profit to a decline in other revenues from the sale and leaseback of nine owned sites, in addition to an increase in financing expenses, provisions for credit losses, and selling and marketing expenses, as well as a drop in investment revenues.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 2,065.47 2,235.99 8.3 %
Gross Income 69.72 75.47 8.2 %
Operating Income 40.15 46.03 14.7 %
Net Income 29.68 11.19 (62.3 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.42 0.16 (62.3 %)

On the other hand, SASCO recorded better revenues, which drove gross profit higher. General and administrative (G&A) expenses also declined.

 

In Q2 2023, the net profit fell by 56% to SAR 13 million from SAR 29.6 million in Q2 2022 on a decline in other revenues from the sale and leaseback of nine sites owned by SASCO. The company also reported an increase in financing expenses, provisions for credit losses, as well as selling and marketing expenses. Investment revenues also declined.

 

Compared to Q1 2023, SASCO’s net earnings dropped by 7.9% from SAR 14 million.

 

Shareholders’ equity, after minority interest, increased to SAR 866.59 million as of June 30, 2023, from SAR 839.44 million a year earlier.

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