SASCO’s net profit rises 72% in Q1

03/05/2018 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 7.91 million for the first quarter of 2018, a 72 percent year-on-year (YoY) increase due to higher operating revenue as the company opened fuel stations at new locations. Also, lower general and administrative expenses and higher investment income had an impact on net profit.

When compared to previous quarter, the company’s net profit fell 14 percent due to lower investment income as there were no cash dividend distributions by affiliates and lower sales gross margin affected by higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	282.03	459.95	63.1 %
Gross Income	14.66	18.77	28.0 %
Operating Income	6.02	9.70	61.0 %
Net Income	4.60	8.65	87.8 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.07	0.12	87.8 %

Item	Q4 2017	Q1 2018	Change‬
Revenues	315.93	459.95	45.6 %
Gross Income	24.52	18.77	(23.5 %)
Net Income	4.91	8.65	76.3 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.07	0.12	76.3 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	44.25	(2.2 %)	5.53	3.2 %	6.55	18.2 %	0.09
Q2 2009	47.00	(10.9 %)	6.12	(28.4 %)	8.60	(30.9 %)	0.12
Q3 2009	55.74	(13.9 %)	4.04	(54.7 %)	3.34	(63.1 %)	0.05
Q4 2009	43.63	(15.5 %)	1.03	(81.6 %)	13.03	53.7 %	0.19
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.45
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 %	0.16
Q3 2010	66.32	19.0 %	9.95	146.5 %	14.51	335.1 %	0.21
Q4 2010	50.71	16.2 %	2.87	178.2 %	8.07	(38.0 %)	0.12
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.51
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 %	15.32	35.1 %	0.22
Q3 2011	68.38	3.1 %	6.97	(30.0 %)	6.59	(54.6 %)	0.09
Q4 2011	66.94	32.0 %	4.06	41.3 %	17.57	117.6 %	0.25
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.57
Q1 2012	75.00	52.2 %	4.75	1.2 %	25.78	4269.3 %	0.37
Q2 2012	86.85	46.3 %	8.38	30.7 %	9.39	(38.7 %)	0.13
Q3 2012	91.96	34.5 %	7.61	9.2 %	2.39	(63.7 %)	0.03
Q4 2012	91.17	36.2 %	7.26	78.9 %	7.50	(57.3 %)	0.11
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.64
Q1 2013	91.36	21.8 %	7.46	57.0 %	7.90	(69.4 %)	0.11
Q2 2013	98.88	13.8 %	11.42	36.3 %	10.27	9.4 %	0.15
Q3 2013	93.35	1.5 %	9.32	22.5 %	11.08	363.5 %	0.16
Q4 2013	85.32	(6.4 %)	5.88	(19.0 %)	10.56	40.8 %	0.15
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.57
Q1 2014	97.98	7.2 %	9.20	23.3 %	7.79	(1.4 %)	0.11
Q2 2014	113.40	14.7 %	12.55	9.9 %	23.06	124.6 %	0.33
Q3 2014	123.57	32.4 %	9.42	1.1 %	3.60	(67.5 %)	0.05
Q4 2014	118.46	38.8 %	6.03	2.6 %	-	-	-
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.17
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 %)	0.05
Q3 2015	191.60	55.1 %	17.11	81.5 %	6.48	79.8 %	0.09
Q4 2015	187.37	58.2 %	11.12	84.4 %	-	-	-
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.27
Q1 2016	270.95	114.1 %	12.63	25.9 %	1.63	(49.7 %)	0.02
Q2 2016	274.97	72.4 %	12.38	(8.0 %)	4.54	22.4 %	0.06
Q3 2016	272.49	42.2 %	17.71	3.5 %	6.67	3.0 %	0.10
Q4 2016	275.72	47.1 %	15.38	38.3 %	6.69	-	0.10
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.37
Q1 2017	282.03	4.1 %	14.66	16.1 %	4.60	183.1 %	0.07
Q2 2017	309.38	12.5 %	21.11	70.4 %	6.37	40.1 %	0.09
Q3 2017	304.99	11.9 %	19.20	8.4 %	8.96	34.4 %	0.13
Q4 2017	315.93	14.6 %	24.52	59.5 %	4.91	(26.7 %)	0.07
2017	1,212.33	10.8 %	79.49	36.8 %	27.99	7.7 %	0.40
Q1 2018	459.95	63.1 %	18.77	28.0 %	8.65	87.8 %	0.12

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	214.32	11.8 %	28.42	(1.7 %)	35.51	6.0 %	0.51
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.45
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.51
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.57
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.64
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.57
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.17
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.27
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.37
2017	1,212.33	10.8 %	79.49	36.8 %	27.99	7.7 %	0.40

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	13.40 %	-	17.12 %
Q2 2009	12.61 %	-	15.74 %
Q3 2009	10.72 %	-	13.58 %
Q4 2009	8.77 %	-	16.53 %
2009	8.77 %	9.57 %	16.53 %
Q1 2010	8.39 %	-	14.11 %
Q2 2010	7.83 %	-	15.24 %
Q3 2010	10.30 %	-	19.88 %
Q4 2010	10.82 %	-	16.90 %
2010	10.82 %	9.95 %	16.90 %
Q1 2011	10.53 %	-	15.91 %
Q2 2011	10.60 %	-	17.06 %
Q3 2011	9.20 %	-	13.42 %
Q4 2011	9.07 %	-	16.43 %
2011	9.07 %	5.22 %	16.43 %
Q1 2012	8.23 %	-	24.20 %
Q2 2012	8.13 %	-	19.97 %
Q3 2012	7.73 %	-	17.19 %
Q4 2012	8.12 %	-	10.66 %
2012	8.12 %	10.47 %	10.66 %
Q1 2013	8.50 %	-	5.23 %
Q2 2013	9.04 %	-	5.30 %
Q3 2013	9.46 %	-	7.60 %
Q4 2013	9.24 %	-	8.43 %
2013	8.96 %	6.64 %	8.43 %
Q1 2014	9.54 %	-	8.25 %
Q2 2014	9.47 %	-	6.40 %
Q3 2014	8.82 %	-	4.16 %
Q4 2014	8.21 %	-	3.45 %
2014	8.22 %	6.01 %	4.56 %
Q1 2015	7.89 %	-	2.30 %
Q2 2015	7.37 %	-	2.68 %
Q3 2015	7.82 %	-	2.86 %
Q4 2015	7.77 %	-	2.56 %
2015	7.78 %	6.61 %	3.34 %
Q1 2016	6.71 %	-	1.91 %
Q2 2016	5.76 %	-	1.37 %
Q3 2016	5.35 %	-	1.28 %
Q4 2016	5.31 %	-	1.38 %
2016	5.31 %	5.10 %	1.97 %
Q1 2017	5.44 %	-	1.64 %
Q2 2017	6.04 %	-	1.75 %
Q3 2017	6.00 %	-	1.90 %
Q4 2017	6.56 %	-	2.05 %
2017	6.56 %	6.37 %	2.31 %
Q1 2018	6.01 %	-	2.08 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	13.26 %	15.30 %	16.57 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	12.49 %	14.86 %	14.80 %
Q2 2009	13.01 %	14.67 %	18.30 %
Q3 2009	7.24 %	7.95 %	5.98 %
Q4 2009	2.37 %	-	29.86 %
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 %	-	15.92 %
Q1 2011	9.53 %	28.48 %	1.20 %
Q2 2011	10.80 %	12.27 %	25.80 %
Q3 2011	10.19 %	(11.65 %)	9.64 %
Q4 2011	6.06 %	-	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 %	-	(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 %	-	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 %	-	-
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 %	-	-
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 %	-	0.83 %
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 %	-	1.55 %
Q1 2018	4.08 %	4.98 %	1.88 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	70.00	0.52	0.52	6.01
Q2 2009	70.00	0.47	0.47	6.38
Q3 2009	70.00	0.39	0.39	6.58
Q4 2009	70.00	0.45	0.45	7.13
Q1 2010	70.00	0.39	0.39	7.22
Q2 2010	70.00	0.43	0.43	7.29
Q3 2010	70.00	0.59	0.59	7.78
Q4 2010	70.00	0.51	0.51	7.33
Q1 2011	70.00	0.49	0.49	7.44
Q2 2011	70.00	0.55	0.55	7.65
Q3 2011	70.00	0.44	0.44	7.56
Q4 2011	70.00	0.57	0.57	7.78
Q1 2012	70.00	0.93	0.93	7.88
Q2 2012	70.00	0.85	0.85	7.86
Q3 2012	70.00	0.79	0.79	7.92
Q4 2012	70.00	0.64	0.53	9.91
Q1 2013	70.00	0.39	0.27	9.93
Q2 2013	70.00	0.40	0.28	9.88
Q3 2013	70.00	0.52	0.41	10.11
Q4 2013	70.00	0.57	0.44	10.41
Q1 2014	70.00	0.57	0.44	10.60
Q2 2014	70.00	0.75	0.36	10.66
Q3 2014	70.00	0.64	0.25	10.23
Q4 2014	70.00	0.49	0.22	10.37
Q1 2015	70.00	0.43	0.16	10.43
Q2 2015	70.00	0.15	0.20	10.47
Q3 2015	70.00	0.19	0.24	10.44
Q4 2015	70.00	0.19	0.24	10.46
Q1 2016	70.00	0.17	0.22	11.44
Q2 2016	70.00	0.18	0.18	11.13
Q3 2016	70.00	0.18	0.18	11.15
Q4 2016	70.00	0.28	0.22	11.18
Q1 2017	70.00	0.32	0.26	11.31
Q2 2017	70.00	0.35	0.28	11.40
Q3 2017	70.00	0.38	0.32	11.54
Q4 2017	70.00	0.35	0.35	10.42
Q1 2018	70.00	0.41	0.41	10.54

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	70.00	0.51	0.51	5.89
2009	70.00	0.45	0.45	7.13
2010	70.00	0.51	0.51	7.33
2011	70.00	0.57	0.57	7.78
2012	70.00	0.64	0.53	9.91
2013	70.00	0.57	0.44	10.41
2014	70.00	1.17	0.30	10.37
2015	70.00	0.27	0.32	10.46
2016	70.00	0.37	0.31	11.18
2017	70.00	0.40	0.40	10.42

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	13.90	13.90	1.21
Q2 2009	19.38	19.38	1.42
Q3 2009	23.54	23.54	1.38
Q4 2009	18.37	18.37	1.16
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	15.65	15.65	1.12
Q3 2011	20.27	20.27	1.17
Q4 2011	17.19	17.19	1.27
Q1 2012	15.39	15.39	1.82
Q2 2012	11.51	11.51	1.24
Q3 2012	14.54	14.54	1.45
Q4 2012	16.78	20.55	1.09
Q1 2013	40.53	58.27	1.58
Q2 2013	33.10	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	50.12	1.68
Q3 2014	30.93	79.58	1.94
Q4 2014	30.56	67.36	1.45
Q1 2015	41.20	More than 100	1.69
Q2 2015	More than 100	More than 100	2.34
Q3 2015	85.40	67.25	1.57
Q4 2015	89.52	70.49	1.64
Q1 2016	74.86	57.29	1.10
Q2 2016	68.85	68.85	1.12
Q3 2016	50.52	50.52	0.83
Q4 2016	51.96	67.07	1.30
Q1 2017	42.04	52.26	1.20
Q2 2017	36.38	44.41	1.11
Q3 2017	38.67	46.33	1.27
Q4 2017	41.38	41.38	1.41
Q1 2018	33.03	33.03	1.29

Period	P/E	Adjusted P/E	Price/book
2008	14.06	14.06	1.21
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	50.99	1.45
2015	64.53	54.01	1.64
2016	39.05	47.01	1.30
2017	36.72	36.72	1.41

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)

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)

Financial Ratios

	Current
Market Cap (M Riyal)	3,990.00
Enterprise Value (EV) (M)	5,319.37
Shares Outstanding ((M))	70.00
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	12.67
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	39.34
Price/book	4.50
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	11.8

Saudi Automotive Services Co. (SASCO)

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SASCO’s net profit rises 72% in Q1

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Current Quarter Comparison (M)

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Per Share Data (Riyal)

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Revenue by Business Segment (Latest) 2018 Q1

Financial Ratios

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Saudi Automotive Services Co. (SASCO)

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SASCO’s net profit rises 72% in Q1

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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) Q1 2018

Revenue by Business Segment (Latest) 2018 Q1

Financial Ratios

Share Price

Saudi Automotive Services Co. (SASCO)

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Business Segments (Million)