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.
| 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 | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.20 | 0.17 | (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 | 60.00 | 60.00 | - |
| EPS (Riyals) | 1.09 | 0.17 | (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.
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