Saudi Automotive Services Co. (SASCO) posted an 11% rise in net profit after Zakat and tax to SAR 30 million for the first nine months of 2020, compared to a net profit of SAR 27 million a year earlier.
The profit growth was spurred by improved profit margins from the fuel business during the current period. Moreover, a decrease in selling, marketing, general and administrative expenses also bolstered the nine-month period results despite the allocation of a credit loss provision for the COVID-19 pandemic impact.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 1,801.09 | 1,525.27 | (15.3 %) |
| Gross Income | 64.65 | 116.00 | 79.4 % |
| Operating Income | 31.32 | 84.75 | 170.6 % |
| Net Income | 27.03 | 30.01 | 11.0 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.45 | 0.50 | 11.0 % |
The third-quarter net profit after Zakat and tax jumped 34% year-on-year (YoY) to SAR 17.5 million, thanks to a rise in profit margins from the fuel business, along with a decline in selling, marketing and Zakat expenses.
When compared to the previous quarter, SASCO’s bottom line more than tripled from SAR 4.4 million, as sales surged 97.3%. In addition, Q2 2020 implied a credit loss provision for the COVID-19 pandemic impact.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 647.27 | 586.83 | (9.3 %) |
| Gross Income | 22.08 | 39.68 | 79.7 % |
| Operating Income | 12.90 | 28.34 | 119.7 % |
| Net Income | 13.03 | 17.45 | 33.9 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.22 | 0.29 | 33.9 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 297.37 | 586.83 | 97.3 % |
| Gross Income | 46.00 | 39.68 | (13.7 %) |
| Operating Income | 39.28 | 28.34 | (27.9 %) |
| Net Income | 4.44 | 17.45 | 293.1 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.07 | 0.29 | 293.1 % |
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