SASCO Profits Jump 146% during Q2 to SR30 mln

The net profit after zakat and tax for the Saudi Automotive Services Company “SASCO” jumped to SR30 million during the second quarter, compared to SR12 million during the same quarter of the previous year, at a rate of 146%.
This came after the announcement on Sunday of the financial results for the period ending on 30-06-2022 “6 months”.
The operational loss amounted to SR39 million during the second quarter, compared to a profit of SR26 million during the same quarter of the previous year.
The gross profit amounted to SR70 million during the second quarter, compared to SR35 million during the same quarter of the previous year, an increase of 100%.
The net profit after zakat and tax during the current period amounted to SR38 million, compared to SR24 million during the same period of the previous year, an increase of 57%.
Profits per share during the current period amounted to SR0.63, compared to SR0.4 during the same period of the previous year.
The reason for the increase in net profit during the current quarter compared to the same quarter last year is an increase in revenues by 116% because of the acquisition of 80% of the capital of Naft Company, which led to an increase in the total profit also an increase in other revenues resulting from selling and leaseback (9) sites owned by SASCO, although an increase in G&A expenses, financing costs ,and Including the period of expenses related to the acquisition Which led to a decrease in income from the main operations, a provision for expected credit losses, and the increase in Zakat expenses.
The reason for the increase in net profit during the current quarter compared to the previous quarter is an increase in revenues by 62% because of the acquisition of 80% of the capital of Naft Company, which led to an increase in the total profit also an increase in other revenues resulting from selling and leaseback (9) sites owned by SASCO, although an increase in G&A expenses, financing costs ,and Including the period of expenses related to the acquisition Which led to a decrease in income from the main operations, a provision for expected credit losses, and the increase in Zakat expenses..
The reason for the increase in net profit during the current period compared to the same period last year is an increase in revenues by 96% because of the acquisition of 80% of the capital of Naft Company, which led to an increase in the total profit also an increase in other revenues resulting from selling and leaseback (9) sites owned by SASCO, although an increase in G&A expenses, financing costs ,and Including the period of expenses related to the acquisition Which led to a decrease in income from the main operations, a provision for expected credit losses, and the increase in Zakat expenses.
Some comparative figures for the previous year have been reclassified in line with the current year’s classification
The financial results have been consolidated with NAFT from the date of acquisition on April 7, 2022