Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 27.1 million for the first half of 2023, a drop of 28% from SAR 37.7 million in the year-ago period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 3,337.95 | 4,456.17 | 33.5 % |
| Gross Income | 105.38 | 158.02 | 50.0 % |
| Operating Income | 60.57 | 98.68 | 62.9 % |
| Net Income | 37.70 | 27.05 | (28.3 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.63 | 0.45 | (28.3 %) |
SASCO attributed the lower profit to a decline in other revenues from the sale and leaseback of nine owned sites, in addition to an increase in financing expenses, provisions for credit losses, and selling and marketing expenses, as well as a drop in investment revenues.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2,065.47 | 2,235.99 | 8.3 % |
| Gross Income | 69.72 | 77.25 | 10.8 % |
| Operating Income | 40.15 | 47.81 | 19.1 % |
| Net Income | 29.69 | 12.97 | (56.3 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.49 | 0.22 | (56.3 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2,220.18 | 2,235.99 | 0.7 % |
| Gross Income | 78.95 | 77.25 | (2.2 %) |
| Operating Income | 49.04 | 47.81 | (2.5 %) |
| Net Income | 12.25 | 12.97 | 5.9 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.20 | 0.22 | 5.9 % |
On the other hand, SASCO recorded better revenues, which drove gross profit higher. General and administrative (G&A) expenses also declined.
In Q2 2023, the net profit fell by 56% to SAR 13 million from SAR 29.6 million in Q2 2022 on a decline in other revenues from the sale and leaseback of nine sites owned by SASCO. The company also reported an increase in financing expenses, provisions for credit losses, as well as selling and marketing expenses. Investment revenues also declined.
Compared to Q1 2023, SASCO’s net earnings dropped by 7.9% from SAR 14 million.
Shareholders’ equity, after minority interest, increased to SAR 866.59 million as of June 30, 2023, from SAR 839.44 million a year earlier.
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