Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 14.1 million for the first quarter of 2023, leaping 76% from SAR 8 million in the year-ago period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 1,272.47 | 2,220.18 | 74.5 % |
| Gross Income | 35.66 | 78.95 | 121.4 % |
| Operating Income | 20.42 | 49.04 | 140.1 % |
| Net Income | 8.02 | 12.25 | 52.8 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.13 | 0.20 | 52.8 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2,273.76 | 2,220.18 | (2.4 %) |
| Gross Income | 80.25 | 78.95 | (1.6 %) |
| Operating Income | 52.46 | 49.04 | (6.5 %) |
| Net Income | 13.94 | 12.25 | (12.1 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.23 | 0.20 | (12.1 %) |
The profit increase was due to higher sales, which led to a rise in gross profit and income from main operations, in addition to an increase in other revenues.
This came despite higher general, administrative and marketing expenses, provision for credit losses, financing costs, and Zakat expenses related to the Zakat assessment for the years from 2014 to 2018.
Compared to the previous quarter, Q1 2023 net profit fell 50.6% from SAR 28.47 million.
Total shareholders’ equity, excluding minority interests, reached SAR 849.4 million at the end of Q1 2023, compared to SAR 825 million a year before.
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