SASCO’s 2014 net profit up 105% to SAR 81.4 mln

20/01/2015 Argaam Exclusive

View other reports

Share Price

75.00
(2.00) (2.60 %)

Saudi Automotive Services Co. (SASCO)

 

Saudi Automotive Services Company (SASCO), which operates gas stations and restaurants, reported 2014’s net profit of SAR 81.4 million, a 105% increase compared to the same period last year.

 

A net profit of SAR 46.9 million was reported for Q4-2014 compared to SAR 3.6 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 368.91 453.37 22.9 %
Gross Income 33.06 37.27 12.7 %
Operating Income 8.44 8.55 1.3 %
Net Income 39.80 82.05 106.2 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.66 1.37 106.2 %

 

The company attributed the increase of 2014’s net profit, compared to the same period last year, to the increase of operating revenue by 23%, which impacted positively the gross profit. the increase of investment profit due selling the company’s shares in TAQA Co., and decrease of zakat expense calculated for the year, in spite of allocated reserves for liquidating (Ultra tune) by SAR 3.5 Million, increase of general & administration expenses due to the increase of employment cost and selling & advertisement expenses also, increase of financial charges due to some financing charges were capitalized during construction project and The decrease of other income.

 

The increase of Q4-2014’s net profit compared to the same period last year was attributed to the increase of operating revenue by 38%, which impacted positively on gross profit. In addition the increase of investment profit by 757% due selling company’s shares in TAQA Co. in spite of allocated reserves for liquidating (Ultra tune )by SAR 3.5 Million. in spite of Increase on general and administration expenses due to employment cost and selling and advertisement which impacted negatively on operational profit also the increase on financial charges due to some financing charges that were capitalized during construction project and Increase of zakat expense due to expanding the company's operations.

 

The increase of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to that this quarter included the gain from selling the company’s share in TAQA Co., in addition of increased other revenue due to the gain from indemnity from the ministry of finance in spite the decreased operation revenue by 4% which impacted negatively on gross profit also increase of general and administration expenses due to employment cost and selling and advertisement expenses which impacted operational profit and allocated reserves for liquidating (Ultra tune) by SAR 3.5 Million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 85.32 118.46 38.8 %
Gross Income 5.88 6.03 2.6 %
Operating Income (0.98) (2.83) (187.8 %)
Net Income 10.56 46.93 344.5 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.18 0.78 344.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 28.04 72.7 % 3.57 117.6 % 4.15 84.8 % 0.07
Q2 2005 35.44 29.8 % 5.27 (48.7 %) 5.57 (48.5 %) 0.09
Q3 2005 51.53 54.6 % 9.51 0.6 % 124.98 2389.1 % 2.08
Q4 2005 38.06 43.1 % 3.21 118.2 % 25.50 546.9 % 0.42
Q1 2006 40.14 43.2 % 4.17 16.7 % 24.93 500.2 % 0.42
Q2 2006 35.09 (1.0 %) 2.14 (59.4 %) 9.45 69.7 % 0.16
Q3 2006 48.36 (6.1 %) 9.60 0.9 % (23.95) (119.2 %) (0.40)
Q4 2006 42.45 11.5 % 1.39 (56.8 %) (20.19) (179.2 %) (0.34)
Q1 2007 39.55 (1.5 %) 5.11 22.5 % 7.04 (71.7 %) 0.12
Q2 2007 41.94 19.5 % 7.69 259.9 % 12.01 27.1 % 0.20
Q3 2007 57.80 19.5 % 10.16 5.9 % 10.18 142.5 % 0.17
Q4 2007 52.43 23.5 % 5.96 330.0 % 4.28 121.2 % 0.07
Q1 2008 45.26 14.4 % 5.36 5.0 % 5.54 (21.3 %) 0.09
Q2 2008 52.73 25.7 % 8.54 11.0 % 12.45 3.6 % 0.21
Q3 2008 64.72 12.0 % 8.91 (12.2 %) 9.04 (11.2 %) 0.15
Q4 2008 51.61 (1.6 %) 5.61 (5.7 %) 8.48 98.2 % 0.14
Q1 2009 44.25 (2.2 %) 5.53 3.2 % 6.55 18.2 % 0.11
Q2 2009 47.00 (10.9 %) 6.12 (28.4 %) 8.60 (30.9 %) 0.14
Q3 2009 55.74 (13.9 %) 4.04 (54.7 %) 3.34 (63.1 %) 0.06
Q4 2009 43.63 (15.5 %) 1.03 (81.6 %) 13.03 53.7 % 0.22
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
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
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
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 21.49 % 25.64 % 20.75 %
Q2 2005 16.02 % 19.82 % 15.14 %
Q3 2005 14.00 % 17.40 % 97.91 %
Q4 2005 14.08 % 17.01 % 104.66 %
Q1 2006 13.41 % 15.12 % 109.57 %
Q2 2006 11.54 % 13.42 % 112.15 %
Q3 2006 11.82 % 13.54 % 22.22 %
Q4 2006 10.41 % 12.22 % (5.88 %)
Q1 2007 11.01 % 13.86 % (16.71 %)
Q2 2007 13.80 % 16.47 % (14.56 %)
Q3 2007 13.39 % 15.92 % 4.97 %
Q4 2007 15.08 % 17.43 % 17.48 %
Q1 2008 14.77 % 17.02 % 16.21 %
Q2 2008 14.41 % 16.66 % 15.58 %
Q3 2008 13.37 % 15.44 % 14.55 %
Q4 2008 13.26 % 15.30 % 16.57 %
Q1 2009 13.40 % 15.37 % 17.12 %
Q2 2009 12.61 % 14.36 % 15.74 %
Q3 2009 10.72 % 12.28 % 13.58 %
Q4 2009 8.77 % 9.57 % 16.53 %
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 %
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 %
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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 60.00 0.40 0.40 5.71
Q2 2005 60.00 0.31 0.31 5.46
Q3 2005 60.00 2.31 2.31 7.59
Q4 2005 60.00 2.67 2.67 7.94
Q1 2006 60.00 3.02 3.02 8.32
Q2 2006 60.00 3.08 3.08 8.47
Q3 2006 60.00 0.60 0.60 8.07
Q4 2006 60.00 (0.16) (0.16) 6.22
Q1 2007 60.00 (0.46) (0.46) 6.29
Q2 2007 60.00 (0.42) (0.42) 6.45
Q3 2007 60.00 0.15 0.15 6.73
Q4 2007 60.00 0.56 0.56 7.03
Q1 2008 60.00 0.53 0.53 6.74
Q2 2008 60.00 0.54 0.54 7.78
Q3 2008 60.00 0.52 0.52 7.80
Q4 2008 60.00 0.59 0.59 6.88
Q1 2009 60.00 0.61 0.61 7.01
Q2 2009 60.00 0.54 0.54 7.45
Q3 2009 60.00 0.45 0.45 7.67
Q4 2009 60.00 0.53 0.53 8.32
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 29.47 29.47 2.06
Q2 2005 More than 50 More than 50 6.59
Q3 2005 24.78 24.78 7.54
Q4 2005 21.16 21.16 7.11
Q1 2006 13.13 13.13 4.76
Q2 2006 14.26 14.26 5.18
Q3 2006 More than 50 More than 50 7.41
Q4 2006 NEG NEG 3.01
Q1 2007 NEG NEG 2.69
Q2 2007 NEG NEG 2.01
Q3 2007 More than 50 More than 50 2.60
Q4 2007 34.49 34.49 2.74
Q1 2008 24.29 24.29 1.92
Q2 2008 23.30 23.30 1.62
Q3 2008 18.63 18.63 1.25
Q4 2008 14.06 14.06 1.21
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 15.69 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

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)

Current
Market Cap (M Riyal) 4,500.00
Enterprise Value (EV) (M) 5,829.37
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) 44.37
Price/book 5.07
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 11.8

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.