Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 37.7 million in H1 2022, an increase of 57%, compared to SAR 24.1 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 1,706.41 | 3,337.95 | 95.6 % |
| Gross Income | 72.59 | 105.38 | 45.2 % |
| Operating Income | 49.59 | 60.57 | 22.2 % |
| Net Income | 24.09 | 37.70 | 56.5 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.40 | 0.63 | 56.5 % |
The increase was driven by higher revenue following the acquisition of 80% of Naft Co., which increased the gross profit. In addition, other revenues increased resulting from the selling and leaseback of nine sites owned by SASCO.
This came despite the increase in G&A expenses, financing costs and the inclusion of acquisition-related fees, which led to lower income from the main operations, a provision for expected credit losses, and the increase in Zakat expenses.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 955.87 | 2,065.47 | 116.1 % |
| Gross Income | 34.94 | 69.72 | 99.6 % |
| Operating Income | 26.06 | 40.15 | 54.1 % |
| Net Income | 12.08 | 29.69 | 145.7 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.20 | 0.49 | 145.7 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 1,272.47 | 2,065.47 | 62.3 % |
| Gross Income | 35.66 | 69.72 | 95.5 % |
| Operating Income | 20.42 | 40.15 | 96.6 % |
| Net Income | 8.02 | 29.69 | 270.3 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.13 | 0.49 | 270.3 % |
The company’s Q2 2022 net profit after Zakat and tax rose 146% to SAR 29.7 million from SAR 12.1 million a year earlier.
On a sequential basis, Q2 net profit more than tripled from SAR 8 million.
Total shareholders’ equity, excluding minority interest, stood at SAR 839.44 million by the end of H1 2022, compared to SAR 816.94 million in the year-earlier period.
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