SASCO profit down 28% to SAR 27.1 mln in H1 2023; Q2 at SAR 13 mln

27/07/2023 Argaam Exclusive

View other reports

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.

Financials (M)

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	70.00	70.00	-
EPS (Riyals)	0.54	0.39	(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.

Current Quarter Comparison (M)

Compared With The

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	29.68	12.97	(56.3 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.42	0.19	(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	70.00	70.00	-
EPS (Riyals)	0.17	0.19	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.

View More Financial Results

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 %	-	-	-
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.17
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 %	-	-	-
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.27
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
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.37
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
2017	1,212.33	10.8 %	79.49	36.8 %	27.99	7.7 %	0.40
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
2018	2,056.08	69.6 %	81.98	3.1 %	35.45	26.7 %	0.51
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
2019	2,482.84	20.8 %	158.60	93.5 %	120.65	240.3 %	1.72
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
2020	2,136.24	(14.0 %)	150.26	(5.3 %)	40.13	(66.7 %)	0.57
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
2021	4,061.64	90.1 %	159.30	6.0 %	50.84	26.7 %	0.73
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
2022	7,852.21	93.3 %	258.75	62.4 %	75.18	47.9 %	1.07
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.57
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.17
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.27
2016	1,094.12	64.5 %	58.10	12.4 %	25.98	39.6 %	0.37
2017	1,212.33	10.8 %	79.49	36.8 %	27.99	7.7 %	0.40
2018	2,056.08	69.6 %	81.98	3.1 %	35.45	26.7 %	0.51
2019	2,482.84	20.8 %	158.60	93.5 %	120.65	240.3 %	1.72
2020	2,136.24	(14.0 %)	150.26	(5.3 %)	40.13	(66.7 %)	0.57
2021	4,061.64	90.1 %	159.30	6.0 %	50.84	26.7 %	0.73
2022	7,852.21	93.3 %	258.75	62.4 %	75.18	47.9 %	1.07

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 %
2014	8.22 %	6.01 %	4.56 %
Q1 2015	7.89 %	-	2.30 %
Q2 2015	7.37 %	-	2.68 %
Q3 2015	7.82 %	-	2.86 %
Q4 2015	7.77 %	-	2.56 %
2015	7.78 %	6.61 %	3.34 %
Q1 2016	6.71 %	-	1.91 %
Q2 2016	5.76 %	-	1.37 %
Q3 2016	5.35 %	-	1.28 %
Q4 2016	5.31 %	-	1.38 %
2016	5.31 %	5.10 %	1.97 %
Q1 2017	5.44 %	-	1.64 %
Q2 2017	6.04 %	-	1.75 %
Q3 2017	6.00 %	-	1.90 %
Q4 2017	6.56 %	-	2.05 %
2017	6.56 %	6.37 %	2.31 %
Q1 2018	6.01 %	-	2.08 %
Q2 2018	4.94 %	-	1.98 %
Q3 2018	4.32 %	-	1.65 %
Q4 2018	3.99 %	-	1.23 %
2018	3.99 %	4.09 %	1.72 %
Q1 2019	3.85 %	-	0.80 %
Q2 2019	4.00 %	-	0.59 %
Q3 2019	3.93 %	-	0.80 %
Q4 2019	6.39 %	-	0.63 %
2019	6.39 %	8.81 %	3.55 %
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 %
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 %
2021	3.92 %	6.56 %	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 %
Q1 2023	3.43 %	5.87 %	0.66 %
Q2 2023	3.45 %	5.80 %	0.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	8.96 %	6.64 %	8.43 %
2014	8.22 %	6.01 %	4.56 %
2015	7.78 %	6.61 %	3.34 %
2016	5.31 %	5.10 %	1.97 %
2017	6.56 %	6.37 %	2.31 %
2018	3.99 %	4.09 %	1.72 %
2019	6.39 %	8.81 %	3.55 %
2020	7.03 %	11.61 %	2.86 %
2021	3.92 %	6.56 %	1.25 %
2022	3.30 %	5.67 %	0.69 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	9.39 %	7.48 %	7.95 %
Q2 2014	11.07 %	8.74 %	3.74 %
Q3 2014	7.63 %	6.35 %	2.91 %
Q4 2014	5.09 %	-	-
Q1 2015	7.93 %	7.06 %	2.55 %
Q2 2015	8.43 %	7.20 %	4.60 %
Q3 2015	8.93 %	7.65 %	3.38 %
Q4 2015	5.93 %	-	-
Q1 2016	4.66 %	4.42 %	0.60 %
Q2 2016	4.50 %	4.59 %	1.65 %
Q3 2016	6.50 %	6.09 %	2.45 %
Q4 2016	5.58 %	-	0.83 %
Q1 2017	5.20 %	6.06 %	1.63 %
Q2 2017	6.82 %	7.37 %	2.06 %
Q3 2017	6.30 %	7.75 %	2.94 %
Q4 2017	7.76 %	-	1.55 %
Q1 2018	4.08 %	4.98 %	1.88 %
Q2 2018	3.21 %	3.90 %	1.76 %
Q3 2018	3.57 %	4.29 %	1.41 %
Q4 2018	5.05 %	-	0.01 %
Q1 2019	3.52 %	6.18 %	0.12 %
Q2 2019	3.85 %	6.87 %	0.86 %
Q3 2019	3.41 %	6.43 %	2.01 %
Q4 2019	13.78 %	-	(0.48 %)
Q1 2020	4.73 %	7.81 %	1.27 %
Q2 2020	15.47 %	24.86 %	10.05 %
Q3 2020	6.76 %	11.24 %	2.91 %
Q4 2020	5.61 %	9.49 %	0.98 %
Q1 2021	5.02 %	8.61 %	1.60 %
Q2 2021	3.66 %	7.13 %	1.26 %
Q3 2021	3.19 %	5.87 %	1.00 %
Q4 2021	4.14 %	5.46 %	1.26 %
Q1 2022	2.80 %	4.78 %	0.63 %
Q2 2022	3.38 %	6.05 %	0.71 %
Q3 2022	3.26 %	5.53 %	1.04 %
Q4 2022	3.53 %	5.96 %	0.38 %
Q1 2023	3.56 %	5.96 %	0.51 %
Q2 2023	3.45 %	5.76 %	0.61 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	70.00	0.57	0.44	10.41
2014	70.00	1.17	0.30	10.37
2015	70.00	0.27	0.32	10.46
2016	70.00	0.37	0.31	11.18
2017	70.00	0.40	0.40	10.42
2018	70.00	0.51	0.51	10.74
2019	70.00	1.72	1.26	12.14
2020	70.00	0.57	0.87	11.50
2021	70.00	0.73	0.73	11.60
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 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

Period	P/E	Adjusted P/E	Price/book
2013	25.57	32.71	1.40
2014	12.83	50.99	1.45
2015	64.53	54.01	1.64
2016	39.05	47.01	1.30
2017	36.72	36.72	1.41
2018	28.57	28.57	1.35
2019	14.65	20.02	2.08
2020	46.05	30.26	2.30
2021	36.23	36.23	2.27
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 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)

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
2013	344.88	8.94	24.68	-	(9.60)
2014	430.83	10.26	23.18	-	(10.91)
2015	645.23	15.33	20.29	-	(15.81)
2016	1,081.40	19.66	20.47	-	(27.41)
2017	1,201.69	22.76	22.72	-	(34.85)
2018	2,090.29	26.36	12.01	-	(72.58)
2019	2,499.13	29.16	14.25	-	(59.69)
2020	2,417.45	29.60	3.55	-	(314.36)
2021	4,077.82	38.18	8.51	-	(62.87)
2022	7,867.51	45.23	11.10	-	(71.63)

Financial Ratios

	Current
Market Cap (M Riyal)	3,496.50
Enterprise Value (EV) (M)	4,825.87
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)	34.47
Price/book	3.94
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	11.8

Saudi Automotive Services Co. (SASCO)

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

SASCO profit down 28% to SAR 27.1 mln in H1 2023; Q2 at SAR 13 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Saudi Automotive Services Co. (SASCO)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

SASCO profit down 28% to SAR 27.1 mln in H1 2023; Q2 at SAR 13 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Saudi Automotive Services Co. (SASCO)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Business Segments (Million)