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

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 53.05 47.55 (10.4 %)
Net Income 12.25 10.01 (18.3 %)
Average Shares 70.00 70.00 -
EPS (Riyals) 0.17 0.14 (18.3 %)

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:

 

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2023 2,220.18 74.5 % 78.95 121.4 % 53.05 159.7 %
Q2 2023 2,235.99 8.3 % 75.47 8.2 % 46.03 14.7 %
Q3 2023 2,322.45 3.7 % 64.95 (11.2 %) 42.10 (11.9 %)
Q4 2023 2,334.32 2.7 % 66.53 (17.1 %) 25.32 (51.7 %)
Q1 2024 2,453.17 10.5 % 76.43 (3.2 %) 47.55 (10.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2023 12.25 52.7 % 0.17 (0.50) 12.74 0.18
Q2 2023 11.19 (62.3 %) 0.16 - 11.19 0.16
Q3 2023 9.83 (58.2 %) 0.14 - 9.83 0.14
Q4 2023 65.46 369.5 % 0.94 73.46 (8.00) (0.11)
Q1 2024 10.01 (18.3 %) 0.14 - 10.01 0.14

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 %
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 % 5.92 % 0.67 %
Q2 2023 3.43 % 5.87 % 0.62 %
Q3 2023 3.31 % 5.86 % 0.47 %
Q4 2023 3.14 % 5.59 % 0.28 %
Q1 2024 3.03 % 5.50 % 0.25 %


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 0.85 11.83
Q2 2023 70.00 0.87 0.80 12.05
Q3 2023 70.00 0.67 0.60 12.46
Q4 2023 70.00 1.41 0.37 12.50
Q1 2024 70.00 1.38 0.33 12.67

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 37.68 2.69
Q2 2023 57.52 62.88 4.15
Q3 2023 82.60 92.12 4.47
Q4 2023 45.15 More than 100 5.09
Q1 2024 48.25 More than 100 5.25

Business Segments (Million)

Compared With The
Period The retail sector and operation (stations and Breathers) SASCO Palm 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 2,261.74 62.85 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)

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) 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
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Share Price

Saudi Automotive Services Co.
64.00
(2.10) (3.18 %)

Saudi Automotive Services Co. (SASCO)

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