Saudi Automotive Services Co. (SASCO) reported a net profit after Zakat and tax of SAR 12.6 million for the first half of 2020, a slump of 10% year-on-year (YoY), driven by lower revenue, on the COVID-19 precautionary measures, decreased investment income, and higher financing expenses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,153.83 | 938.44 | (18.7 %) |
| Gross Income | 42.57 | 76.32 | 79.3 % |
| Operating Income | 18.42 | 56.41 | 206.2 % |
| Net Income | 14.00 | 12.56 | (10.3 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.23 | 0.21 | (10.3 %) |
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 592.95 | 297.37 | (49.8 %) |
| Gross Income | 22.82 | 46.00 | 101.6 % |
| Operating Income | 11.53 | 39.28 | 240.6 % |
| Net Income | 5.12 | 4.44 | (13.2 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.09 | 0.07 | (13.2 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 641.07 | 297.37 | (53.6 %) |
| Gross Income | 30.32 | 46.00 | 51.7 % |
| Operating Income | 17.13 | 39.28 | 129.3 % |
| Net Income | 8.12 | 4.44 | (45.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.14 | 0.07 | (45.4 %) |
The company’s net profit after Zakat and tax for the second quarter stood at SAR 4.4 million, down 13% YoY, due to a 49.85% decline in revenue over COVID-19 precautionary measures, despite lower general and administrative expenses (G&As).
On a quarter-on-quarter basis, the profit for the current quarter decreased by 45.3%.
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