Retailing and Operation Division

Saudi Automotive Services Co. (SASCO) announces interim financial results for the period ended June 30, 2022 (Six Months)

21 August 2022
Retailing and Operation Division

ELEMENT LIST

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

%CHANGE

PREVIOUS QUARTER

% CHANGE

Sales/Revenue

2,065.47

955.86

116.08

1,272.47

62.32

Gross Profit (Loss)

69.72

34.94

99.54

35.65

95.57

Operational Profit (Loss)

-39.37

26.06

-

20.42

-

Net Profit (Loss) after Zakat and Tax

29.68

12.08

145.69

8.02

270.07

Total Comprehensive Income

29.49

11.24

162.37

13.01

126.67

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT LIST

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

%CHANGE

Sales/Revenue

3,337.95

1,706.41

95.61

Gross Profit (Loss)

105.38

72.59

45.17

Operational Profit (Loss)

-18.95

49.59

-

Net Profit (Loss) after Zakat and Tax

37.7

24.09

56.5

Total Comprehensive Income

42.5

24.19

75.69

Total Share Holders Equity (after Deducting Minority Equity)

839.44

816.94

2.75

Profit (Loss) per Share

0.63

0.4

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT LIST

EXPLANATION

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 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 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 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 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, 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.

Statement of the type of external auditor's report

Unmodified conclusion

Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion

There is no

Reclassification of Comparison Items

Some comparative figures for the previous year have been reclassified in line with the current year's classification

Additional Information

The financial results have been consolidated with NAFT from the date of acquisition on April 7, 2022

Attached Documents