SASCO profit drops 18% to SAR 10M in Q1 2024

01/05/2024 Argaam Exclusive

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Saudi Automotive Services Co. (SASCO) reported a 10% net profit decline in Q1 2024 to SAR 10 million, from SAR 12.3 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	2,220.18	2,453.17	10.5 %
Gross Income	78.95	76.43	(3.2 %)
Operating Income	49.04	47.55	(3.0 %)
Net Income	12.25	10.01	(18.3 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.17	0.14	(18.3 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	2,334.32	2,453.17	5.1 %
Gross Income	66.53	76.43	14.9 %
Operating Income	25.32	47.55	87.8 %
Net Income	65.46	10.01	(84.7 %)
Average Shares	70.00	70.00	-
EPS (Riyals)	0.94	0.14	(84.7 %)

The earnings decline was attributed to a higher cost of sales, increased selling and marketing expenses, as well as financing costs. SASCO also reported a drop in other revenue.

On the other hand, first-quarter revenue rose amid a decline in general and administrative expenses. Provisions for credit losses and Zakat expenses also decreased.

On a sequential basis, SASCO’s net profit plunged 84.7% from SAR 65.46 million in Q4 2023, as the previous quarter included gains from the evaluation of investment properties. SASCO also recorded higher selling and marketing expenses, financing costs, Zakat charges, and a drop in investment income.

Shareholders’ equity, after minority interest, increased to SAR 887.21 million as of March 31, 2024, from SAR 828.13 million a year earlier.

Attached Document:

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
Q1 2024	2,453.17	10.5 %	76.43	(3.2 %)	10.01	(18.3 %)	0.14

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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 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 %
Q3 2023	3.36 %	5.80 %	0.49 %
Q4 2023	3.19 %	5.60 %	0.28 %
2023	3.21 %	5.62 %	0.30 %
Q1 2024	3.08 %	5.56 %	0.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	3.21 %	5.62 %	0.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	2.93 %	5.55 %	0.47 %
Q4 2023	2.85 %	5.18 %	(0.45 %)
Q1 2024	3.12 %	5.74 %	0.41 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2024	70.00	1.45	0.34	12.67

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	70.00	1.51	0.39	12.50

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2024	45.90	More than 100	5.25

Period	P/E	Adjusted P/E	Price/book
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
2023	42.26	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 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)
Q1 2024	2,455.42	14.33	7.80	-	(24.37)

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
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)
2023	9,122.54	51.38	21.60	-	(82.59)

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	15.00	10.01	(33.3 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
GIB Capital	15.00	10.01	(33.3) %

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)

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SASCO profit drops 18% to SAR 10M in Q1 2024

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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) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Automotive Services Co. (SASCO)

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SASCO profit drops 18% to SAR 10M in Q1 2024

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Automotive Services Co. (SASCO)

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Business Segments (Million)