SASCO profits jump 106% during Q3 to 23.5 mln

The Saudi Company for Automotive Services and Equipment revealed an increase in net profit after zakat and tax in the third quarter to SR23.5 million, compared to SR11.4 million in the same quarter of last year, at a rate of 106.4%.
This came after the announcement on Thursday of the preliminary financial results for the period ending on September 30, 2022 (nine months).
The operational profit amounted to SR47.7 million in the third quarter, compared to SR22.8 million in the same quarter of the previous year, a growth of 108.9%.
The net profit after zakat and tax in the 9-month period amounted to SR61.2 million, compared to SR35.5 million in the same period last year, an increase of 72.5%.
The gross shareholders’ equity “without minority rights” amounted to SR833.1 million in the current period, compared to SR811.3 million in the same period last year, an increase of 2.6%.
Profits per share in the current period amounted to SR1.02, compared to SR0.59 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
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 96% because of the acquisition of 80% of the capital of Naft Company and an increase in sales volumes, which led to an increase in the total profit and the profit from main activities, also an increase in investment income and other income. Despite the increase in G&A expenses, sales and marketing expenses, financing cost and an increase in zakat expense.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The reason for the decrease in net profit during the current quarter compared to the previous quarter is Inclusion of the previous quarter of profits resulting from the sales and leaseback of (9) sites and increase in financing cost, Despite the increase in the sales volumes, which led to an increase in total profit and a decrease in G&A expenses due to the acquisition cost that’s was included of the previous quarter, which led to an increase profit from main activities and an increase in investment income.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
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 in addition to an increase in sales volumes, which led to an increase in the total profit also an increase in other revenues resulting from selling and leaseback (9) sites, despite the increase in G&A expenses due to acquisition costs, sales and marketing expenses, which led to a decrease profit from main activities, increase in financing cost and zakat expenses and the decrease in investment income.
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