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.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 4,456.17 | 4,939.68 | 10.9 % |
| Gross Income | 154.41 | 153.04 | (0.9 %) |
| Operating Income | 102.96 | 93.72 | (9.0 %) |
| 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.
| 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 | 47.34 | 45.77 | (3.3 %) |
| 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 | 47.95 | 45.77 | (4.5 %) |
| 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.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| YANSAB | 96.28 | 224.80 | 133.5 % |
| SASCO | 9.78 | 12.85 | 31.5 % |
| SULAIMAN ALHABIB | 522.40 | 555.03 | 6.2 % |
| SABIC AGRI-NUTRIENTS | 738.32 | 705.00 | (4.5 %) |
| SHAKER | 18.10 | 16.45 | (9.1 %) |
| CITY CEMENT | 39.98 | 27.78 | (30.5 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| YANSAB | 96.28 | 224.80 | 133.5 % |
| SASCO | 9.78 | 12.85 | 31.5 % |
| SULAIMAN ALHABIB | 522.40 | 555.03 | 6.2 % |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CITY CEMENT | 39.98 | 27.78 | (30.5 %) |
| SHAKER | 18.10 | 16.45 | (9.1 %) |
| SABIC AGRI-NUTRIENTS | 738.32 | 705.00 | (4.5 %) |
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