SASCO profit down 3% to SAR 22.9M in H1 2024; Q2 at SAR 12.9M

28/07/2024 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a 3% net profit decline in H1 2024 to SAR 22.9 million, from SAR 23.4 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	4,456.17	4,939.68	10.9 %
Gross Income	154.42	153.04	(0.9 %)
Operating Income	99.08	91.25	(7.9 %)
Net Income	23.44	22.86	(2.5 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.33	0.33	(2.5 %)

The company attributed the profit fall to higher cost of sales, general expenses, as well as marketing and financing costs.

This was despite increased sales due to the growth in the number of stations and higher selling prices of diesel products. The company also reported a decrease in the provision for credit losses (PCL) and Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2,235.99	2,486.51	11.2 %
Gross Income	75.47	76.61	1.5 %
Operating Income	46.03	45.77	(0.6 %)
Net Income	11.19	12.85	14.8 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.16	0.18	14.8 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	2,453.17	2,486.51	1.4 %
Gross Income	76.43	76.61	0.2 %
Operating Income	47.55	45.77	(3.7 %)
Net Income	10.01	12.85	28.4 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.14	0.18	28.4 %

In Q2 2024, net profit rose by 15% to SAR 12.9 million from SAR 11.1 million in Q2 2023, mainly driven by higher sales, gross profit, and other income.

Compared to Q1 2024, SASCO’s net earnings jumped 28.4% from SAR 10 million.

Shareholders’ equity, after minority interest, increased to SAR 848.11 million as of June 30, 2024, from SAR 843.54 million a year earlier.

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