SASCO posts 76% profit leap in 2022 to SAR 89.7 mln; Q4 at SAR 28.5 mln

SASCO posts 76% profit leap in 2022 to SAR 89.7 mln; Q4 at SAR 28.5 mln

08/03/2023 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a 76% rise in 2022 net profit to SAR 89.7 million, from SAR 50.8 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 4,061.64 7,852.21 93.3 %
Gross Income 159.30 258.75 62.4 %
Operating Income 104.30 160.80 54.2 %
Net Income 50.84 75.18 47.9 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.73 1.07 47.9 %

The robust performance was driven by a 93% surge year-on-year (YoY) in revenue on the acquisition of an 80% stake in NAFT Services Limited Co. SASCO also reported higher sales volumes, which boosted total profit and other revenue resulting from the sale and leaseback of nine sites.

 

This came despite an increase in general and administrative expenses due to acquisition costs, as well as sales and marketing expenses, which reduced profit from core activities. The company also recorded an increase in financing costs and Zakat expenses along with a decrease in investment income.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 1,214.42 2,273.76 87.2 %
Gross Income 50.30 80.25 59.5 %
Operating Income 30.65 52.46 71.1 %
Net Income 15.35 13.94 (9.1 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.22 0.20 (9.1 %)

In Q4 2022, net profit surged 86% to SAR 28.5 million, from SAR 15.35 million in the year-earlier period.

 

The fourth-quarter net profit jumped 21% quarter-on-quarter from SAR 23.53 million.

 

Shareholders’ equity, after minority interest, grew to SAR 836.33 million as of Dec. 31, 2022, from SAR 811.94 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 91.36 21.8 % 7.46 57.0 % 2.01 2289.3 %
Q2 2013 98.88 13.8 % 11.42 36.3 % 4.18 (11.2 %)
Q3 2013 93.35 1.5 % 9.32 22.5 % 3.24 17.4 %
Q4 2013 85.32 (6.4 %) 5.88 (19.0 %) - -
Q1 2014 97.98 7.2 % 9.20 23.3 % 3.23 60.8 %
Q2 2014 113.40 14.7 % 12.55 9.9 % 5.13 22.6 %
Q3 2014 123.57 32.4 % 9.42 1.1 % 2.87 (11.3 %)
Q4 2014 118.46 38.8 % 6.03 2.6 % - -
Q1 2015 126.54 29.1 % 10.03 9.0 % 3.02 (6.3 %)
Q2 2015 159.53 40.7 % 13.45 7.2 % 4.89 (4.7 %)
Q3 2015 191.60 55.1 % 17.11 81.5 % 7.45 159.5 %
Q4 2015 187.37 58.2 % 11.12 84.4 % - -
Q1 2016 270.95 114.1 % 12.63 25.9 % 3.53 16.9 %
Q2 2016 274.97 72.4 % 12.38 (8.0 %) 2.92 (40.2 %)
Q3 2016 272.49 42.2 % 17.71 3.5 % 6.50 (12.7 %)
Q4 2016 275.72 47.1 % 15.38 38.3 % - -
Q1 2017 282.03 4.1 % 14.66 16.1 % 6.02 70.4 %
Q2 2017 309.38 12.5 % 21.11 70.4 % 12.74 336.2 %
Q3 2017 304.99 11.9 % 19.20 8.4 % 10.01 53.9 %
Q4 2017 315.93 14.6 % 24.52 59.5 % - -
Q1 2018 459.95 63.1 % 18.77 28.0 % 9.70 61.0 %
Q2 2018 522.27 68.8 % 16.76 (20.6 %) 7.17 (43.7 %)
Q3 2018 524.60 72.0 % 18.72 (2.5 %) 10.63 6.2 %
Q4 2018 549.26 73.9 % 27.73 13.1 % - -
Q1 2019 560.88 21.9 % 19.75 5.2 % 6.89 (29.0 %)
Q2 2019 592.95 13.5 % 22.82 36.2 % 11.53 60.8 %
Q3 2019 647.27 23.4 % 22.08 17.9 % 12.90 21.3 %
Q4 2019 681.75 24.1 % 93.94 238.8 % - -
Q1 2020 641.07 14.3 % 30.32 53.5 % 17.13 148.7 %
Q2 2020 297.37 (49.8 %) 46.00 101.6 % 39.28 240.6 %
Q3 2020 586.83 (9.3 %) 39.68 79.7 % 28.34 119.7 %
Q4 2020 610.97 (10.4 %) 34.26 (63.5 %) 19.59 -
Q1 2021 750.54 17.1 % 37.65 24.2 % 23.53 37.4 %
Q2 2021 955.87 221.4 % 34.94 (24.0 %) 26.06 (33.7 %)
Q3 2021 1,140.82 94.4 % 36.41 (8.2 %) 23.55 (16.9 %)
Q4 2021 1,214.42 98.8 % 50.30 46.8 % 30.65 56.5 %
Q1 2022 1,272.47 69.5 % 35.66 (5.3 %) 20.42 (13.2 %)
Q2 2022 2,065.47 116.1 % 69.72 99.6 % 40.15 54.1 %
Q3 2022 2,240.51 96.4 % 73.13 100.8 % 47.77 102.8 %
Q4 2022 2,273.76 87.2 % 80.25 59.5 % 52.46 71.1 %
2022 7,852.21 93.3 % 258.75 62.4 % 160.80 54.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 7.90 (69.4 %) 0.11 - 7.90 0.11
Q2 2013 10.27 9.4 % 0.15 - 10.27 0.15
Q3 2013 11.08 363.5 % 0.16 - 11.08 0.16
Q4 2013 10.56 40.8 % 0.15 8.70 1.86 0.03
Q1 2014 7.79 (1.4 %) 0.11 - 7.79 0.11
Q2 2014 23.06 124.6 % 0.33 18.82 4.24 0.06
Q3 2014 3.60 (67.5 %) 0.05 - 3.60 0.05
Q4 2014 - - - 42.61 - -
Q1 2015 3.23 (58.5 %) 0.05 - 3.23 0.05
Q2 2015 3.71 (83.9 %) 0.05 (3.62) 7.33 0.10
Q3 2015 6.48 79.8 % 0.09 - 6.48 0.09
Q4 2015 - - - - - -
Q1 2016 1.63 (49.7 %) 0.02 - 1.63 0.02
Q2 2016 4.54 22.4 % 0.06 - 4.54 0.06
Q3 2016 6.67 3.0 % 0.10 - 6.67 0.10
Q4 2016 6.69 - 0.10 4.40 2.29 0.03
Q1 2017 4.60 183.1 % 0.07 - 4.60 0.07
Q2 2017 6.37 40.1 % 0.09 - 6.37 0.09
Q3 2017 8.96 34.4 % 0.13 - 8.96 0.13
Q4 2017 4.91 (26.7 %) 0.07 - 4.91 0.07
Q1 2018 8.65 87.8 % 0.12 - 8.65 0.12
Q2 2018 9.21 44.7 % 0.13 - 9.21 0.13
Q3 2018 7.39 (17.6 %) 0.11 - 7.39 0.11
Q4 2018 0.03 (99.4 %) 0.00 - 0.03 0.00
Q1 2019 8.89 2.7 % 0.13 8.22 0.67 0.01
Q2 2019 5.12 (44.4 %) 0.07 - 5.12 0.07
Q3 2019 13.03 76.4 % 0.19 - 13.03 0.19
Q4 2019 20.95 72148.3 % 0.30 24.19 (3.24) (0.05)
Q1 2020 8.12 (8.6 %) 0.12 - 8.12 0.12
Q2 2020 4.44 (13.2 %) 0.06 (25.44) 29.88 0.43
Q3 2020 17.45 33.9 % 0.25 0.38 17.07 0.24
Q4 2020 10.12 (51.7 %) 0.14 4.12 6.00 0.09
Q1 2021 12.01 47.9 % 0.17 - 12.01 0.17
Q2 2021 12.08 172.2 % 0.17 - 12.08 0.17
Q3 2021 11.40 (34.6 %) 0.16 - 11.40 0.16
Q4 2021 15.35 51.7 % 0.22 - 15.35 0.22
Q1 2022 8.02 (33.3 %) 0.11 - 8.02 0.11
Q2 2022 29.68 145.7 % 0.42 15.06 14.63 0.21
Q3 2022 23.53 106.4 % 0.34 0.32 23.22 0.33
Q4 2022 13.94 (9.1 %) 0.20 5.37 8.57 0.12
2022 75.18 47.9 % 1.07 20.75 54.43 0.78

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 8.50 % - 5.23 %
Q2 2013 9.04 % - 5.30 %
Q3 2013 9.46 % - 7.60 %
Q4 2013 9.24 % - 8.43 %
Q1 2014 9.54 % - 8.25 %
Q2 2014 9.47 % - 6.40 %
Q3 2014 8.82 % - 4.16 %
Q4 2014 8.21 % - 3.45 %
Q1 2015 7.89 % - 2.30 %
Q2 2015 7.37 % - 2.68 %
Q3 2015 7.82 % - 2.86 %
Q4 2015 7.77 % - 2.56 %
Q1 2016 6.71 % - 1.91 %
Q2 2016 5.76 % - 1.37 %
Q3 2016 5.35 % - 1.28 %
Q4 2016 5.31 % - 1.38 %
Q1 2017 5.44 % - 1.64 %
Q2 2017 6.04 % - 1.75 %
Q3 2017 6.00 % - 1.90 %
Q4 2017 6.56 % - 2.05 %
Q1 2018 6.01 % - 2.08 %
Q2 2018 4.94 % - 1.98 %
Q3 2018 4.32 % - 1.65 %
Q4 2018 3.99 % - 1.23 %
Q1 2019 3.85 % - 0.80 %
Q2 2019 4.00 % - 0.59 %
Q3 2019 3.93 % - 0.80 %
Q4 2019 6.39 % - 0.63 %
Q1 2020 6.60 % - 0.90 %
Q2 2020 8.48 % - 2.11 %
Q3 2020 9.51 % - 2.35 %
Q4 2020 7.03 % 11.61 % 2.86 %
Q1 2021 7.02 % 11.69 % 2.89 %
Q2 2021 5.05 % 8.84 % 1.62 %
Q3 2021 4.14 % 7.45 % 1.20 %
Q4 2021 3.92 % 6.55 % 1.25 %
Q1 2022 3.43 % 5.72 % 1.02 %
Q2 2022 3.37 % 5.61 % 0.87 %
Q3 2022 3.37 % 5.54 % 0.90 %
Q4 2022 3.30 % 5.67 % 0.69 %
2022 3.30 % 5.67 % 0.69 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 70.00 0.39 0.27 9.93
Q2 2013 70.00 0.40 0.28 9.88
Q3 2013 70.00 0.52 0.41 10.11
Q4 2013 70.00 0.57 0.44 10.41
Q1 2014 70.00 0.57 0.44 10.60
Q2 2014 70.00 0.75 0.36 10.66
Q3 2014 70.00 0.64 0.25 10.23
Q4 2014 70.00 0.49 0.22 10.37
Q1 2015 70.00 0.43 0.16 10.43
Q2 2015 70.00 0.15 0.20 10.47
Q3 2015 70.00 0.19 0.24 10.44
Q4 2015 70.00 0.19 0.24 10.46
Q1 2016 70.00 0.17 0.22 11.44
Q2 2016 70.00 0.18 0.18 11.13
Q3 2016 70.00 0.18 0.18 11.15
Q4 2016 70.00 0.28 0.22 11.18
Q1 2017 70.00 0.32 0.26 11.31
Q2 2017 70.00 0.35 0.28 11.40
Q3 2017 70.00 0.38 0.32 11.54
Q4 2017 70.00 0.35 0.35 10.42
Q1 2018 70.00 0.41 0.41 10.54
Q2 2018 70.00 0.45 0.45 10.29
Q3 2018 70.00 0.43 0.43 10.39
Q4 2018 70.00 0.36 0.36 10.74
Q1 2019 70.00 0.36 0.25 9.99
Q2 2019 70.00 0.31 0.19 10.01
Q3 2019 70.00 0.39 0.27 10.18
Q4 2019 70.00 0.69 0.22 12.14
Q1 2020 70.00 0.67 0.33 12.21
Q2 2020 70.00 0.66 0.68 11.45
Q3 2020 70.00 0.73 0.74 11.74
Q4 2020 70.00 0.57 0.87 11.50
Q1 2021 70.00 0.63 0.93 11.68
Q2 2021 70.00 0.74 0.67 11.67
Q3 2021 70.00 0.65 0.59 11.59
Q4 2021 70.00 0.73 0.73 11.60
Q1 2022 70.00 0.67 0.67 11.78
Q2 2022 70.00 0.92 0.71 11.99
Q3 2022 70.00 1.09 0.87 11.90
Q4 2022 70.00 1.07 0.78 11.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 40.53 58.27 1.58
Q2 2013 33.10 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 50.12 1.68
Q3 2014 30.93 79.58 1.94
Q4 2014 30.56 67.36 1.45
Q1 2015 41.20 More than 100 1.69
Q2 2015 More than 100 More than 100 2.34
Q3 2015 85.40 67.25 1.57
Q4 2015 89.52 70.49 1.64
Q1 2016 74.86 57.29 1.10
Q2 2016 68.85 68.85 1.12
Q3 2016 50.52 50.52 0.83
Q4 2016 51.96 67.07 1.30
Q1 2017 42.04 52.26 1.20
Q2 2017 36.38 44.41 1.11
Q3 2017 38.67 46.33 1.27
Q4 2017 41.38 41.38 1.41
Q1 2018 33.03 33.03 1.29
Q2 2018 28.97 28.97 1.28
Q3 2018 30.57 30.57 1.27
Q4 2018 40.07 40.07 1.35
Q1 2019 39.00 57.53 1.42
Q2 2019 42.24 68.54 1.29
Q3 2019 46.12 66.23 1.75
Q4 2019 36.82 More than 100 2.08
Q1 2020 34.62 70.99 1.91
Q2 2020 33.26 32.39 1.93
Q3 2020 38.73 38.08 2.40
Q4 2020 46.05 30.26 2.30
Q1 2021 46.21 31.31 2.49
Q2 2021 42.45 46.49 2.68
Q3 2021 48.08 52.84 2.70
Q4 2021 36.23 36.23 2.27
Q1 2022 51.29 51.29 2.91
Q2 2022 32.21 42.03 2.47
Q3 2022 24.33 30.44 2.24
Q4 2022 25.94 35.82 2.39

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
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)
Q1 2015 123.27 2.78 3.42 - (2.92)
Q2 2015 155.78 3.84 3.76 - (3.84)
Q3 2015 183.13 4.42 8.45 - (4.40)
Q4 2015 183.06 4.30 4.66 - (4.64)
Q1 2016 269.80 4.67 3.32 - (6.83)
Q2 2016 267.65 5.05 8.25 - (5.98)
Q3 2016 269.70 4.92 5.67 - (7.81)
Q4 2016 274.25 5.03 3.23 - (6.79)
Q1 2017 279.64 5.31 3.99 - (6.91)
Q2 2017 302.81 5.90 8.73 - (8.06)
Q3 2017 300.71 5.80 6.73 - (8.26)
Q4 2017 318.53 5.75 3.27 - (11.62)
Q1 2018 473.30 5.96 0.92 - (20.23)
Q2 2018 518.86 6.68 3.92 - (7.18)
Q3 2018 533.70 6.95 5.47 - (21.51)
Q4 2018 564.44 6.78 1.70 - (23.66)
Q1 2019 564.55 6.78 2.42 - (12.88)
Q2 2019 594.50 7.05 4.89 - (13.49)
Q3 2019 645.82 7.52 4.74 - (10.81)
Q4 2019 694.24 7.81 2.21 - (22.51)
Q1 2020 701.85 7.66 1.63 - (70.07)
Q2 2020 332.67 5.80 0.72 - (41.82)
Q3 2020 642.11 7.98 0.29 - (63.55)
Q4 2020 740.82 8.16 0.91 - (138.92)
Q1 2021 753.14 43.76 1.42 - (47.78)
Q3 2021 1,154.69 288.79 2.87 - (155.50)
Q1 2022 1,273.92 10.43 2.47 - (14.35)
Q2 2022 2,071.53 11.15 2.67 - (19.88)
Q3 2022 2,244.75 11.30 2.78 - (18.32)
Q4 2022 2,277.31 12.35 3.18 - (19.08)

Current
Market Cap (M Riyal) 4,480.00
Enterprise Value (EV) (M) 6,023.45
Shares Outstanding ((M)) 70.00
EPS ( Riyal) (TTM) 1.42
Book Value (BV) ( Riyal) 12.03
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 45.01
Price/book 5.32
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 11.6

Share Price

64.00
(2.10) (3.18 %)

Saudi Automotive Services Co. (SASCO)


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