Financial Results : SASCO’s 2024 net profit falls 61% to SAR 44.2M; Q4 at SAR 10.1M

SASCO’s 2024 net profit falls 61% to SAR 44.2M; Q4 at SAR 10.1M

25/03/2025 Argaam Exclusive

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Saudi Automotive Services Co.’s (SASCO) net earnings fell 61% to SAR 44.2 million in 2024, from SAR 114.6 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 9,112.93 10,186.57 11.8 %
Gross Income 300.76 289.74 (3.7 %)
Operating Income 181.37 171.69 (5.3 %)
Net Income 114.55 44.21 (61.4 %)
Average Shares 70.00 70.00 -
Earnings Per Share before unusual items (Riyals) 0.59 0.51 (13.6 %)
EPS (Riyal) 1.64 0.63 (61.4 %)

This came given the higher cost of sales, paired with the elevated general & administrative and marketing expenses as well as financing costs. This is besides losses from fair value adjustments of investment properties and the reversal of compensation related to the Hafar Al-Batin land case.

 

This was partially offset by higher sales, supported by increased sales volumes and rising diesel prices. This is in addition to lower expected credit losses, alongside elevated other revenues, investment returns, and investments at fair value through profit or loss.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2,334.32 2,604.79 11.6 %
Gross Income 81.40 56.20 (31.0 %)
Operating Income 40.19 32.25 (19.8 %)
Net Income 81.28 10.15 (87.5 %)
Average Shares 70.00 70.00 -
Earnings Per Share before unusual items (Riyal) 0.11 0.03 (76.3 %)
EPS (Riyal) 1.16 0.14 (87.5 %)

In Q4 2024, net profit declined 88% to SAR 10.14 million, from SAR 81.53 million in Q4 2023.

 

Sequentially, the three-month bottom-line also fell 9.5% from SAR 11.21 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, soared to SAR 849.45 million as of Dec. 31, 2024, compared to SAR 841.08 million a year earlier.

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