SASCO profits decrease to SAR 13 million in Q2 by 56.3%

Saudi Automotive Services Co. (SASCO) revealed a decrease in net profit after zakat and tax in the second quarter to SAR 13 million, compared to SAR 29.6 million in the same quarter of last year, by 56.3%. This came after Thursday’s announcement of the interim financial results for the period ending on June 30, 2023 (six months).

The operational profit amounted to SAR 49.6 million in the second quarter, compared to a loss of SAR 39.3 million in the same quarter of last year.

The net profit after zakat and tax during the 6-month period amounted to SAR 27 million, compared to SAR 37.7 million in the same period last year, a decrease of 28.2%.

The total shareholders’ equity “without minority rights” amounted to SAR 866.5 million in the current period, compared to SAR 839.4 million in the same period last year, an increase of 3.2%.

Profits per share in the current period reached SAR 0.45, compared to SAR 0.63 riyals in the same period last year.

The reason for the Decrease in net profit during the current quarter compared to the same quarter last year a decrease in other revenues resulting from selling and leaseback (9) sites owned by SASCO, in addition to increase in financing expenses, provision for credit losses, selling and marketing expenses, and decrease in investment revenues, despite the increase in revenues, which led to an increase in gross profit and a decrease in G&A expenses, which had an impact on increase in the income from main operations.

The reason for the Decrease in net profit during the current quarter compared to the previous quarter is an increase in the cost of revenue and a decrease in other revenues, despite a decrease in G&A expenses, selling and marketing expenses, provision for credit losses, financing costs and zakat expense.

The reason for the decrease in net profit during the current period compared to the same period last year a decrease in other revenues resulting from selling and leaseback (9) sites owned by SASCO, in addition to increase in financing expenses, provision for credit losses, selling and marketing expenses, Zakat expenses , and decrease in investment revenues, despite the increase in revenues, which led to an increase in gross profit and a decrease in G&A expenses, which had an impact on increase in the income from main operations.