SASCO profits up to SAR 89.7 mln at the end of 2022 by 76%

The net profit after zakat and tax for the Saudi Automotive Services Co. (SASCO) grew during the year 2022 to SAR 89.7 million, compared to SAR 51 million in the previous year, by 76%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operating profit amounted to SAR 95 million during the year ending on December 31, 2022, compared to SAR 104 million in the previous year, a decline of 9%.

As for the total profit, it amounted to SAR 272 million in the current year, compared to SAR 159 million in the previous year, an increase of 71%.

Earnings per share in the current year amounted to SAR 0.15, compared to SAR 0.85 in the previous year.

The reason for the increase in net profit during the current period compared to the last year is an increase in revenues by 93% 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 decrease in investment income.

The Company said that the consolidated financial statements for the year ending on December 31, 2021 were reviewed by another auditor who expressed an unqualified opinion on those statements.

Also some comparative figures for the previous year have been reclassified in line with the current year’s classification, and financial results have been consolidated with NAFT from the date of acquisition on April 7, 2022