SASCO posts lower net profit at SAR 7.8m in I1 of 2014

31/03/2014 Argaam Exclusive

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Share Price

Saudi Automotive Services Co.
74.90
(2.10) (2.73 %)

Saudi Automotive Services Co. (SASCO)

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Saudi Automotive Services Co. reported SAR 7.8m net profit at the end of the first quarter of 2014, compared to 7.9m in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 91.36 97.98 7.2 %
Gross Income 7.46 9.20 23.3 %
Operating Income 2.01 3.23 60.8 %
Net Income 7.90 7.79 (1.4 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.13 0.13 (1.4 %)


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

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 %


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

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

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)


Financial Ratios
Current
Market Cap (M Riyal) 4,494.00
Enterprise Value (EV) (M) 5,823.37
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) 44.31
Price/book 5.07
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 11.8
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