Saudi Automotive Services Co. (SASCO) posted a threefold increase year-on-year (YoY) in net profit after Zakat and tax to SAR 121.8 million in the fiscal year 2019, compared to SAR 35.5 million a year earlier.
The company attributed the increase to higher sales by 20.76%, in addition to the growth in profit margin for fuel, which in turn, affected the rise in the gross and operating profits.
SASCO also cited higher investment revenues and other income.
This was partially offset by higher selling and general expenses due to the increase in recruitment costs; rise in financing costs resulting from the implementation of IFRS 16; and higher Zakat expenses.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 2,056.08 | 2,482.84 | 20.8 % |
| Gross Income | 81.98 | 158.60 | 93.5 % |
| Operating Income | 37.68 | 103.99 | 175.9 % |
| Net Income | 35.45 | 120.65 | 240.3 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.51 | 1.72 | 240.3 % |
In Q4 2019, the company’s net profit after Zakat and tax jumped to SAR 94.9 million compared to SAR 10.2 million a year earlier.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 549.26 | 681.75 | 24.1 % |
| Gross Income | 27.73 | 93.94 | 238.8 % |
| Net Income | 0.03 | 20.95 | 72148.3 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.00 | 0.30 | 72148.3 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 647.27 | 681.75 | 5.3 % |
| Gross Income | 22.08 | 93.94 | 325.5 % |
| Operating Income | 12.90 | - | - |
| Net Income | 13.03 | 20.95 | 60.8 % |
| Average Shares | 70.00 | 70.00 | - |
| EPS (Riyals) | 0.19 | 0.30 | 60.8 % |
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