SASCO posts 21% profit drop in H1 2019

24/07/2019 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO)

Saudi Automotive Services Co. (SASCO) reported a net profit after zakat and tax of SAR 14 million for H1 2019, a decline of 21.6 percent year-on-year (YoY).

The drop came due to lower fuel profit margins, and an increase in financing costs upon implementation of the International Financial Reporting Standard (IFRS).

Higher general and administrative expenses also weighed on the results.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	982.22	1,153.83	17.5 %
Gross Income	35.53	42.57	19.8 %
Operating Income	16.87	18.42	9.2 %
Net Income	17.86	14.00	(21.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.30	0.23	(21.6 %)

SASCO’s net profit in Q2 plunged 44.4 percent YoY and 42.3 percent quarter-on-quarter to SAR 5.1 million, on a decrease in fuel profit margins despite higher selling prices.

In addition, the profit was hit by an increase in general and administrative expenses, along with lower other revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	522.27	592.95	13.5 %
Gross Income	16.76	22.82	36.2 %
Operating Income	7.17	11.53	60.8 %
Net Income	9.21	5.12	(44.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.15	0.09	(44.4 %)

Item	Q1 2019	Q2 2019	Change‬
Revenues	560.88	592.95	5.7 %
Gross Income	19.75	22.82	15.5 %
Operating Income	6.89	11.53	67.5 %
Net Income	8.89	5.12	(42.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.15	0.09	(42.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	45.44	2.7 %	4.92	(11.0 %)	2.10	(68.0 %)	0.03
Q2 2010	50.64	7.8 %	5.33	(12.9 %)	11.34	31.8 %	0.19
Q3 2010	66.32	19.0 %	9.95	146.5 %	14.51	335.1 %	0.24
Q4 2010	50.71	16.2 %	2.87	178.2 %	8.07	(38.0 %)	0.13
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.60
Q1 2011	49.26	8.4 %	4.70	(4.5 %)	0.59	(71.8 %)	0.01
Q2 2011	59.35	17.2 %	6.41	20.4 %	15.22	34.2 %	0.25
Q3 2011	68.38	3.1 %	6.97	(30.0 %)	6.69	(53.9 %)	0.11
Q4 2011	66.94	32.0 %	4.06	41.3 %	17.57	117.6 %	0.29
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.67
Q1 2012	75.00	52.2 %	4.75	1.2 %	25.78	4269.3 %	0.43
Q2 2012	86.85	46.3 %	8.38	30.7 %	9.39	(38.3 %)	0.16
Q3 2012	91.96	34.5 %	7.61	9.2 %	2.39	(64.3 %)	0.04
Q4 2012	91.17	36.2 %	7.26	78.9 %	7.50	(57.3 %)	0.13
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.75
Q1 2013	91.36	21.8 %	7.46	57.0 %	7.90	(69.4 %)	0.13
Q2 2013	98.88	13.8 %	11.42	36.3 %	10.27	9.4 %	0.17
Q3 2013	93.35	1.5 %	9.32	22.5 %	11.08	363.5 %	0.18
Q4 2013	85.32	(6.4 %)	5.88	(19.0 %)	10.56	40.8 %	0.18
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.66
Q1 2014	97.98	7.2 %	9.20	23.3 %	7.79	(1.4 %)	0.13
Q2 2014	113.40	14.7 %	12.55	9.9 %	23.06	124.6 %	0.38
Q3 2014	123.57	32.4 %	9.42	1.1 %	3.60	(67.5 %)	0.06
Q4 2014	118.46	38.8 %	6.03	2.6 %	46.93	344.5 %	0.78
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.37
Q1 2015	126.54	29.1 %	10.03	9.0 %	3.23	(58.5 %)	0.05
Q2 2015	159.53	40.7 %	13.45	7.2 %	3.71	(83.9 %)	0.06
Q3 2015	191.60	55.1 %	17.11	81.5 %	6.48	79.8 %	0.11
Q4 2015	187.37	58.2 %	11.12	84.4 %	5.68	(87.9 %)	0.09
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.31
Q1 2016	270.95	114.1 %	12.63	25.9 %	1.63	(49.7 %)	0.03
Q2 2016	274.97	72.4 %	12.38	(8.0 %)	4.54	22.4 %	0.08
Q3 2016	272.49	42.2 %	17.71	3.5 %	6.67	3.0 %	0.11
Q4 2016	275.72	47.1 %	15.38	38.3 %	13.14	131.5 %	0.22
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.43
Q1 2017	282.03	4.1 %	14.66	16.1 %	4.60	183.1 %	0.08
Q2 2017	309.38	12.5 %	21.11	70.4 %	6.37	40.1 %	0.11
Q3 2017	304.99	11.9 %	19.20	8.4 %	8.96	34.4 %	0.15
Q4 2017	315.93	14.6 %	24.52	59.5 %	8.05	(38.7 %)	0.13
2017	1,212.33	10.8 %	79.49	36.8 %	27.99	7.7 %	0.47
Q1 2018	459.95	63.1 %	18.77	28.0 %	8.65	87.8 %	0.14
Q2 2018	522.27	68.8 %	16.76	(20.6 %)	9.21	44.7 %	0.15
Q3 2018	524.60	72.0 %	18.72	(2.5 %)	7.39	(17.6 %)	0.12
Q4 2018	549.26	73.9 %	27.73	13.1 %	10.21	26.8 %	0.17
2018	2,056.08	69.6 %	81.98	3.1 %	35.45	26.7 %	0.59
Q1 2019	560.88	21.9 %	19.75	5.2 %	8.89	2.7 %	0.15
Q2 2019	592.95	13.5 %	22.82	36.2 %	5.12	(44.4 %)	0.09

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.53
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.60
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.67
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.75
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.66
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.37
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.31
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.43
2017	1,212.33	10.8 %	79.49	36.8 %	27.99	7.7 %	0.47
2018	2,056.08	69.6 %	81.98	3.1 %	35.45	26.7 %	0.59

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	8.39 %	8.49 %	14.11 %
Q2 2010	7.83 %	7.36 %	15.24 %
Q3 2010	10.30 %	9.36 %	19.88 %
Q4 2010	10.82 %	9.95 %	16.90 %
2010	10.82 %	9.95 %	16.90 %
Q1 2011	10.53 %	14.11 %	15.91 %
Q2 2011	10.60 %	14.54 %	17.01 %
Q3 2011	9.20 %	6.85 %	13.42 %
Q4 2011	9.07 %	5.22 %	16.43 %
2011	9.07 %	5.22 %	16.43 %
Q1 2012	8.23 %	2.85 %	24.20 %
Q2 2012	8.13 %	0.04 %	20.00 %
Q3 2012	7.73 %	5.04 %	17.19 %
Q4 2012	8.12 %	10.47 %	10.66 %
2012	8.12 %	10.47 %	10.66 %
Q1 2013	8.50 %	9.11 %	5.23 %
Q2 2013	9.04 %	11.13 %	5.30 %
Q3 2013	9.46 %	10.90 %	7.60 %
Q4 2013	9.24 %	6.64 %	8.43 %
2013	8.96 %	6.64 %	8.43 %
Q1 2014	9.54 %	6.93 %	8.25 %
Q2 2014	9.47 %	7.10 %	6.40 %
Q3 2014	8.82 %	6.67 %	4.16 %
Q4 2014	8.21 %	5.97 %	4.40 %
2014	8.22 %	6.01 %	4.56 %
Q1 2015	7.89 %	5.95 %	3.20 %
Q2 2015	7.37 %	5.73 %	3.50 %
Q3 2015	7.82 %	6.22 %	3.58 %
Q4 2015	7.77 %	6.68 %	3.42 %
2015	7.78 %	6.61 %	3.34 %
Q1 2016	6.71 %	5.86 %	2.61 %
Q2 2016	5.76 %	5.25 %	1.98 %
Q3 2016	5.35 %	5.02 %	1.84 %
Q4 2016	5.31 %	5.10 %	1.97 %
2016	5.31 %	5.10 %	1.97 %
Q1 2017	5.44 %	5.51 %	2.22 %
Q2 2017	6.04 %	6.24 %	2.31 %
Q3 2017	6.00 %	6.67 %	2.45 %
Q4 2017	6.56 %	6.37 %	2.31 %
2017	6.56 %	6.37 %	2.31 %
Q1 2018	6.01 %	5.97 %	2.30 %
Q2 2018	4.94 %	5.02 %	2.18 %
Q3 2018	4.32 %	4.36 %	1.83 %
Q4 2018	3.99 %	4.09 %	1.72 %
2018	3.99 %	4.09 %	1.72 %
Q1 2019	3.85 %	4.45 %	1.27 %
Q2 2019	4.00 %	5.22 %	1.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	8.77 %	9.57 %	16.53 %
2010	10.82 %	9.95 %	16.90 %
2011	9.07 %	5.22 %	16.43 %
2012	8.12 %	10.47 %	10.66 %
2013	8.96 %	6.64 %	8.43 %
2014	8.22 %	6.01 %	4.56 %
2015	7.78 %	6.61 %	3.34 %
2016	5.31 %	5.10 %	1.97 %
2017	6.56 %	6.37 %	2.31 %
2018	3.99 %	4.09 %	1.72 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	10.83 %	10.17 %	4.61 %
Q2 2010	10.52 %	9.87 %	22.38 %
Q3 2010	15.00 %	14.07 %	21.88 %
Q4 2010	5.66 %	4.46 %	15.92 %
Q1 2011	9.53 %	28.48 %	1.20 %
Q2 2011	10.80 %	12.10 %	25.64 %
Q3 2011	10.19 %	(11.50 %)	9.78 %
Q4 2011	6.06 %	(0.91 %)	26.25 %
Q1 2012	6.34 %	11.97 %	34.37 %
Q2 2012	9.65 %	(0.45 %)	10.81 %
Q3 2012	8.27 %	8.91 %	2.60 %
Q4 2012	7.96 %	21.20 %	(0.85 %)
Q1 2013	8.17 %	6.34 %	8.64 %
Q2 2013	11.55 %	8.34 %	10.39 %
Q3 2013	9.98 %	8.02 %	11.87 %
Q4 2013	6.89 %	3.47 %	2.18 %
Q1 2014	9.39 %	7.48 %	7.95 %
Q2 2014	11.07 %	8.74 %	3.74 %
Q3 2014	7.63 %	6.35 %	2.91 %
Q4 2014	5.09 %	1.69 %	3.65 %
Q1 2015	7.93 %	7.06 %	2.55 %
Q2 2015	8.43 %	7.20 %	4.60 %
Q3 2015	8.93 %	7.65 %	3.38 %
Q4 2015	5.93 %	4.99 %	3.03 %
Q1 2016	4.66 %	4.42 %	0.60 %
Q2 2016	4.50 %	4.59 %	1.65 %
Q3 2016	6.50 %	6.09 %	2.45 %
Q4 2016	5.58 %	5.30 %	3.17 %
Q1 2017	5.20 %	6.06 %	1.63 %
Q2 2017	6.82 %	7.37 %	2.06 %
Q3 2017	6.30 %	7.75 %	2.94 %
Q4 2017	7.76 %	4.31 %	2.55 %
Q1 2018	4.08 %	4.98 %	1.88 %
Q2 2018	3.21 %	3.90 %	1.76 %
Q3 2018	3.57 %	4.29 %	1.41 %
Q4 2018	5.05 %	3.35 %	1.86 %
Q1 2019	3.52 %	6.18 %	0.12 %
Q2 2019	3.85 %	6.87 %	0.86 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	60.00	0.45	0.45	8.42
Q2 2010	60.00	0.50	0.50	8.50
Q3 2010	60.00	0.68	0.68	9.07
Q4 2010	60.00	0.60	0.60	8.55
Q1 2011	60.00	0.58	0.58	8.68
Q2 2011	60.00	0.64	0.64	8.93
Q3 2011	60.00	0.51	0.51	8.82
Q4 2011	60.00	0.67	0.67	9.07
Q1 2012	60.00	1.09	1.09	9.19
Q2 2012	60.00	0.99	0.99	9.17
Q3 2012	60.00	0.92	0.92	9.24
Q4 2012	60.00	0.75	0.61	11.57
Q1 2013	60.00	0.45	0.32	11.59
Q2 2013	60.00	0.47	0.33	11.53
Q3 2013	60.00	0.61	0.47	11.79
Q4 2013	60.00	0.66	0.52	12.14
Q1 2014	60.00	0.66	0.52	12.37
Q2 2014	60.00	0.87	0.42	12.43
Q3 2014	60.00	0.75	0.29	11.93
Q4 2014	60.00	1.36	0.33	12.10
Q1 2015	60.00	1.28	0.26	12.16
Q2 2015	60.00	0.96	0.31	12.22
Q3 2015	60.00	1.01	0.36	12.18
Q4 2015	60.00	0.32	0.38	12.21
Q1 2016	60.00	0.29	0.35	13.34
Q2 2016	60.00	0.31	0.31	12.98
Q3 2016	60.00	0.31	0.31	13.01
Q4 2016	60.00	0.43	0.36	13.04
Q1 2017	60.00	0.48	0.41	13.19
Q2 2017	60.00	0.51	0.44	13.30
Q3 2017	60.00	0.55	0.48	13.46
Q4 2017	60.00	0.47	0.47	12.15
Q1 2018	60.00	0.53	0.53	12.30
Q2 2018	60.00	0.58	0.58	12.00
Q3 2018	60.00	0.55	0.55	12.12
Q4 2018	60.00	0.59	0.59	12.53
Q1 2019	60.00	0.59	0.46	11.66
Q2 2019	60.00	0.53	0.39	11.68

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	60.00	0.53	0.53	8.32
2010	60.00	0.60	0.60	8.55
2011	60.00	0.67	0.67	9.07
2012	60.00	0.75	0.61	11.57
2013	60.00	0.66	0.52	12.14
2014	60.00	1.37	0.34	12.10
2015	60.00	0.31	0.37	12.21
2016	60.00	0.43	0.36	13.04
2017	60.00	0.47	0.47	12.15
2018	60.00	0.59	0.59	12.53

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	21.24	21.24	1.14
Q2 2010	17.40	17.40	1.02
Q3 2010	12.86	12.86	0.97
Q4 2010	15.71	15.71	1.10
Q1 2011	16.08	16.08	1.07
Q2 2011	15.69	15.69	1.12
Q3 2011	20.28	20.28	1.17
Q4 2011	17.19	17.19	1.27
Q1 2012	15.39	15.39	1.82
Q2 2012	11.49	11.49	1.24
Q3 2012	14.54	14.54	1.45
Q4 2012	16.78	20.55	1.09
Q1 2013	40.54	More than 50	1.58
Q2 2013	33.11	46.95	1.34
Q3 2013	24.51	31.63	1.27
Q4 2013	25.56	32.71	1.40
Q1 2014	30.03	38.46	1.61
Q2 2014	23.84	More than 50	1.68
Q3 2014	30.93	More than 50	1.94
Q4 2014	12.94	More than 50	1.45
Q1 2015	16.03	More than 50	1.69
Q2 2015	29.80	More than 50	2.34
Q3 2015	18.99	More than 50	1.57
Q4 2015	More than 50	More than 50	1.64
Q1 2016	More than 50	41.89	1.10
Q2 2016	47.51	47.51	1.12
Q3 2016	35.03	35.03	0.83
Q4 2016	39.05	47.01	1.30
Q1 2017	32.67	38.53	1.20
Q2 2017	28.75	33.55	1.11
Q3 2017	31.13	35.90	1.27
Q4 2017	36.73	36.73	1.41
Q1 2018	29.79	29.79	1.29
Q2 2018	26.36	26.36	1.28
Q3 2018	27.68	27.68	1.27
Q4 2018	28.57	28.57	1.35
Q1 2019	27.87	36.21	1.42
Q2 2019	28.63	38.70	1.29

Period	P/E	Adjusted P/E	Price/book
2009	18.37	18.37	1.16
2010	15.71	15.71	1.10
2011	17.19	17.19	1.27
2012	16.78	20.55	1.09
2013	25.57	32.71	1.40
2014	12.83	More than 50	1.45
2015	More than 50	More than 50	1.64
2016	39.05	47.01	1.30
2017	36.73	36.73	1.41
2018	28.57	28.57	1.35

Business Segments (Million)

Compared With The

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
Q3 2012	80.90	1.70	5.65	5.78	(2.06)
Q4 2012	78.36	1.85	6.17	14.58	(9.79)
Q1 2013	81.91	2.21	3.02	12.09	(7.87)
Q2 2013	96.14	-	9.17	-	7.87
Q3 2013	85.51	6.82	7.82	-	(6.81)
Q4 2013	81.32	2.12	4.67	-	(2.79)
Q1 2014	94.51	2.41	3.64	-	(2.57)
Q2 2014	104.35	2.69	9.23	-	(2.87)
Q3 2014	117.00	2.73	6.76	-	(2.92)
Q4 2014	114.97	2.44	3.56	-	(2.54)
Q1 2015	123.27	2.78	3.42	-	(2.92)
Q2 2015	155.78	3.84	3.76	-	(3.84)
Q3 2015	183.13	4.42	8.45	-	(4.40)
Q4 2015	183.06	4.30	4.66	-	(4.64)
Q1 2016	269.80	4.67	3.32	-	(6.83)
Q2 2016	267.65	5.05	8.25	-	(5.98)
Q3 2016	269.70	4.92	5.67	-	(7.81)
Q4 2016	274.25	5.03	3.23	-	(6.79)
Q1 2017	279.64	5.31	3.99	-	(6.91)
Q2 2017	302.81	5.90	8.73	-	(8.06)
Q3 2017	300.71	5.80	6.73	-	(8.26)
Q4 2017	318.53	5.75	3.27	-	(11.62)
Q1 2018	473.30	5.96	0.92	-	(20.23)
Q2 2018	518.86	6.68	3.92	-	(7.18)
Q3 2018	533.70	6.95	5.47	-	(21.51)
Q4 2018	564.44	6.78	1.70	-	(23.66)
Q1 2019	564.55	6.78	2.42	-	(12.88)
Q2 2019	594.50	7.05	4.89	-	(13.49)

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
2009	170.45	-	20.17	-	-
2010	188.84	-	24.27	-	-
2011	227.22	-	16.72	-	-
2012	300.77	6.51	22.79	53.72	(38.81)
2013	344.88	8.94	24.68	-	(9.60)
2014	430.83	10.26	23.18	-	(10.91)
2015	645.23	15.33	20.29	-	(15.81)
2016	1,081.40	19.66	20.47	-	(27.41)
2017	1,201.69	22.76	22.72	-	(34.85)
2018	2,090.29	26.36	12.01	-	(72.58)

Analysts Estimates (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change‬
Average	8.90	5.12	(42.5 %)

Estimates vs Actual (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change
OSOOL AND BAKHEET	8.90	5.12	(42.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	4,194.00
Enterprise Value (EV) (M)	5,523.37
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	1.69
Book Value (BV) ( Riyal)	14.79
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 50
P/E (TTM)	41.35
Price/book	4.73
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	11.8

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SASCO posts 21% profit drop in H1 2019

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Share Price

Saudi Automotive Services Co. (SASCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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SASCO posts 21% profit drop in H1 2019

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Share Price

Saudi Automotive Services Co. (SASCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2019

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)