SASCO posts 40% profit leap in 2023 to SAR 105.5M; Q4 at SAR 65.5M

SASCO posts 40% profit leap in 2023 to SAR 105.5M; Q4 at SAR 65.5M

21/03/2024 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a 40% leap in 2023 net profit to SAR 105.5 million, from SAR 75.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 7,852.21 9,112.93 16.1 %
Gross Income 258.75 292.66 13.1 %
Operating Income 160.80 169.25 5.3 %
Net Income 75.18 105.49 40.3 %
Average Shares 70.00 70.00 -
EPS (Riyals) 1.07 1.51 40.3 %

The profit growth was attributed to higher sales from existing locations and the growth in newly-added locations, which led to a rise in gross profit for 2023.

 

The company also cited lower general and administrative expenses for the year, as well as higher investment revenues. Also, 2023 saw the inclusion of profit resulting from the valuation of investment properties, besides a decline in Zakat expenses.

 

However, SASCO posted higher selling and marketing expenses for the same year, provision for credit losses and financing costs, and the previous year’s inclusion of profit resulting from the sale and leaseback process.

 

In Q4 2023, net profit more than quadrupled to SAR 65.5 million, from SAR 13.94 million in the year-earlier period.

 

The fourth-quarter net profit was more than five times higher than SAR 12.98 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 2,273.76 2,334.32 2.7 %
Gross Income 80.25 66.53 (17.1 %)
Operating Income 52.46 25.32 (51.7 %)
Net Income 13.94 65.46 369.5 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.20 0.94 369.5 %

Shareholders’ equity, after minority interest, grew to SAR 875.01 million as of Dec. 31, 2023, from SAR 815.84 million a year earlier.

 

Attached Documents:

 



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 97.98 7.2 % 9.20 23.3 % 7.79 (1.4 %) 0.11
Q2 2014 113.40 14.7 % 12.55 9.9 % 23.06 124.6 % 0.33
Q3 2014 123.57 32.4 % 9.42 1.1 % 3.60 (67.5 %) 0.05
Q4 2014 118.46 38.8 % 6.03 2.6 % - - -
Q1 2015 126.54 29.1 % 10.03 9.0 % 3.23 (58.5 %) 0.05
Q2 2015 159.53 40.7 % 13.45 7.2 % 3.71 (83.9 %) 0.05
Q3 2015 191.60 55.1 % 17.11 81.5 % 6.48 79.8 % 0.09
Q4 2015 187.37 58.2 % 11.12 84.4 % - - -
Q1 2016 270.95 114.1 % 12.63 25.9 % 1.63 (49.7 %) 0.02
Q2 2016 274.97 72.4 % 12.38 (8.0 %) 4.54 22.4 % 0.06
Q3 2016 272.49 42.2 % 17.71 3.5 % 6.67 3.0 % 0.10
Q4 2016 275.72 47.1 % 15.38 38.3 % 6.69 - 0.10
Q1 2017 282.03 4.1 % 14.66 16.1 % 4.60 183.1 % 0.07
Q2 2017 309.38 12.5 % 21.11 70.4 % 6.37 40.1 % 0.09
Q3 2017 304.99 11.9 % 19.20 8.4 % 8.96 34.4 % 0.13
Q4 2017 315.93 14.6 % 24.52 59.5 % 4.91 (26.7 %) 0.07
Q1 2018 459.95 63.1 % 18.77 28.0 % 8.65 87.8 % 0.12
Q2 2018 522.27 68.8 % 16.76 (20.6 %) 9.21 44.7 % 0.13
Q3 2018 524.60 72.0 % 18.72 (2.5 %) 7.39 (17.6 %) 0.11
Q4 2018 549.26 73.9 % 27.73 13.1 % 0.03 (99.4 %) 0.00
Q1 2019 560.88 21.9 % 19.75 5.2 % 8.89 2.7 % 0.13
Q2 2019 592.95 13.5 % 22.82 36.2 % 5.12 (44.4 %) 0.07
Q3 2019 647.27 23.4 % 22.08 17.9 % 13.03 76.4 % 0.19
Q4 2019 681.75 24.1 % 93.94 238.8 % 20.95 72148.3 % 0.30
Q1 2020 641.07 14.3 % 30.32 53.5 % 8.12 (8.6 %) 0.12
Q2 2020 297.37 (49.8 %) 46.00 101.6 % 4.44 (13.2 %) 0.06
Q3 2020 586.83 (9.3 %) 39.68 79.7 % 17.45 33.9 % 0.25
Q4 2020 610.97 (10.4 %) 34.26 (63.5 %) 10.12 (51.7 %) 0.14
Q1 2021 750.54 17.1 % 37.65 24.2 % 12.01 47.9 % 0.17
Q2 2021 955.87 221.4 % 34.94 (24.0 %) 12.08 172.2 % 0.17
Q3 2021 1,140.82 94.4 % 36.41 (8.2 %) 11.40 (34.6 %) 0.16
Q4 2021 1,214.42 98.8 % 50.30 46.8 % 15.35 51.7 % 0.22
Q1 2022 1,272.47 69.5 % 35.66 (5.3 %) 8.02 (33.3 %) 0.11
Q2 2022 2,065.47 116.1 % 69.72 99.6 % 29.68 145.7 % 0.42
Q3 2022 2,240.51 96.4 % 73.13 100.8 % 23.53 106.4 % 0.34
Q4 2022 2,273.76 87.2 % 80.25 59.5 % 13.94 (9.1 %) 0.20
Q1 2023 2,220.18 74.5 % 78.95 121.4 % 12.25 52.7 % 0.17
Q2 2023 2,235.99 8.3 % 77.25 10.8 % 12.97 (56.3 %) 0.19
Q3 2023 2,322.45 3.7 % 68.10 (6.9 %) 12.98 (44.8 %) 0.19
Q4 2023 2,334.32 2.7 % 66.53 (17.1 %) 65.46 369.5 % 0.94
2023 9,112.93 16.1 % 292.66 13.1 % 105.49 40.3 % 1.51

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 3.43 % 5.87 % 0.66 %
Q2 2023 3.45 % 5.80 % 0.63 %
Q3 2023 3.36 % 5.80 % 0.49 %
Q4 2023 3.19 % 5.60 % 0.28 %
2023 3.21 % 5.62 % 0.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 70.00 1.13 0.82 11.83
Q2 2023 70.00 0.90 0.81 12.38
Q3 2023 70.00 0.74 0.63 12.55
Q4 2023 70.00 1.48 0.36 12.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 28.07 38.66 2.69
Q2 2023 55.89 61.93 4.04
Q3 2023 74.79 88.16 4.44
Q4 2023 43.00 More than 100 5.09

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 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)
Q1 2023 2,224.14 12.41 3.59 - (19.96)
Q2 2023 2,236.67 12.72 7.11 - (20.51)
Q3 2023 2,324.59 13.43 5.32 - (20.89)
Q4 2023 2,337.14 12.82 5.58 - (21.22)

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 17.00 65.46 285.06 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
GIB Capital 17.00 65.46 285.1 %

Current
Market Cap (M Riyal) 3,500.00
Enterprise Value (EV) (M) 4,829.37
Shares Outstanding ((M)) 70.00
EPS ( Riyal) (TTM) 1.45
Book Value (BV) ( Riyal) 12.67
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 34.51
Price/book 3.94
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 11.8

Share Price

49.90
(0.70) (1.38 %)

Saudi Automotive Services Co. (SASCO)


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