SASCO profit rises to SAR 34.1M in 9M 2024; Q3 at SAR 11.2M

21/10/2024 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 34.1 million for the first nine months of 2024, compared with SAR 33.3 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	6,778.61	7,581.78	11.8 %
Gross Income	219.36	233.54	6.5 %
Operating Income	141.18	139.45	(1.2 %)
Net Income	33.27	34.07	2.4 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.48	0.49	2.4 %

This was driven by higher sales due to an increase in the number of stations and a rise in the selling price of diesel. The company also posted an increase in gross profit, other income, and financing income.

Zakat expenses decreased, despite an increase in general, administrative, and marketing costs. Additionally, the company made a provision for credit losses and faced higher financing costs, along with lower investment income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2,322.45	2,642.10	13.8 %
Gross Income	64.95	80.50	23.9 %
Operating Income	42.10	48.20	14.5 %
Net Income	9.83	11.21	14.0 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.14	0.16	14.0 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,486.51	2,642.10	6.3 %
Gross Income	76.61	80.50	5.1 %
Operating Income	45.77	48.20	5.3 %
Net Income	12.85	11.21	(12.8 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.18	0.16	(12.8 %)

The third-quarter net earnings reached SAR 11.2 million, up from SAR 9.83 million in the year-ago period, driven mainly by higher sales, gross profit, and other income.

On a sequential basis, Q3 net earnings fell 12.7% from SAR 12.85 million in Q2 2024.

Total shareholders' equity, after minority interest, reached SAR 842.24 million as of Sept. 30, 2024, down from SAR 871.99 million a year earlier.

Attached Documents

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