SASCO 9M 2023 profit drops 35% to SAR 40 mln; Q3 at SAR 13 mln

SASCO 9M 2023 profit drops 35% to SAR 40 mln; Q3 at SAR 13 mln

24/10/2023 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 40 million for the first nine months of 2023, a 35% drop compared to SAR 61.2 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 5,578.46 6,778.61 21.5 %
Gross Income 178.50 226.13 26.7 %
Operating Income 108.34 143.93 32.9 %
Net Income 61.24 40.03 (34.6 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.87 0.57 (34.6 %)

This was due to a decrease in other revenues from the sale and leaseback of nine SASCO sites, in addition to an increase in financing expenses, provision for credit losses, as well as selling, marketing, and Zakat expenses.

 

However, the company recorded higher revenues, which led to an increase in gross profit and a decrease in general and administrative expenses. This led to an increase in income from main operations and investment revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 2,240.51 2,322.45 3.7 %
Gross Income 73.13 68.10 (6.9 %)
Operating Income 47.77 45.25 (5.3 %)
Net Income 23.53 12.98 (44.8 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.34 0.19 (44.8 %)

Q3 2023 net profit amounted to SAR 13 million, down 45% year-on-year from SAR 23.5 million.

 

This was due to an increase in the cost of sales as well as selling, marketing, and financing expenses. The company also cited a decline in other revenues, despite the rise in revenues and investment income, as well as a decrease in general and administrative expenses and provision for credit losses and Zakat expenses.

 

On a sequential basis, Q3 net profit slightly increased from SAR 12.97 million.

 

Shareholders’ equity, after minority interest, reached SAR 878.76 million as of Sept. 30, 2023, compared to SAR 833.15 million in the year-earlier period.

Attached Documents

 

 

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 % - - -
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

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 %


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

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

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)

Current
Market Cap (M Riyal) 3,472.00
Enterprise Value (EV) (M) 4,801.37
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) 34.23
Price/book 3.91
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 11.8

Share Price

49.60
(1.00) (1.98 %)

Saudi Automotive Services Co. (SASCO)


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