Retailing and Operation Division

Saudi Automotive Services Co. (SASCO) announces interim financial results for the period ended June 30, 2020 (Six Months)

22 July 2020
Retailing and Operation Division

 

ELEMENT LIST

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

%CHANGE

PREVIOUS QUARTER

% CHANGE

Sales/Revenue

297.37

592.95

-49.849

641.07

-53.613

Gross Profit (Loss)

46

22.82

101.577

30.32

51.715

Operational Profit (Loss)

13.84

11.53

20.034

17.13

-19.206

Net Profit (Loss) after Zakat and Tax

4.44

5.12

-13.281

8.12

-45.32

Total Comprehensive Income

6.64

5.12

29.687

3.35

98.208

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT LIST

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

%CHANGE

Sales/Revenue

938.44

1,153.82

-18.666

Gross Profit (Loss)

76.32

42.57

79.281

Operational Profit (Loss)

30.97

18.42

68.132

Net Profit (Loss) after Zakat and Tax

12.56

14

-10.285

Total Comprehensive Income

9.99

14

-28.642

Total Share Holders Equity (after Deducting Minority Equity)

801.43

700.59

14.393

Profit (Loss) per Share

0.21

0.23

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT LIST

EXPLANATION

Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to

The reason for decrease in net profit during the current quarter compared to the same quarter of the previous year is decrease in revenues by 49.85% due to the precautionary measures taken in all area of the Kingdom, including curfew measures and time imposed in some cities and regions of the Kingdom, and monthly fluctuation of fuel prices during the period. In addition to a provision for expected credit losses. As well as a decrease investment income.

Despite decrease in operating costs due to new fuel profit margin during current period and correlation of the fuel cost with selling prices and the measures taken by the company to face Corona Pandemic. In addition to a decrease in general and administrative expenses, financing costs, zakat expenses, and an increase in other revenues.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to

The reason for (the decrease) in net profit during the current quarter compared to the previous quarter is decrease in revenues by 53.61% due to the precautionary measures taken in all parts of the Kingdom, including curfew measures and time imposed in some cities and regions of the Kingdom, and monthly fluctuation of fuel prices during the period. In addition to a provision for expected credit losses. And increase in financing costs, the decreased in the other revenues.

Despite the decrease in operating costs due to the cost of fuel because of correlation of the fuel cost with selling prices and the measures taken by the company to face Corona Pandemic. In addition to a decrease in general and administrative expenses, Zakat expenses and an increase in investment income.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to

The reason for the decrease in net profit during the current period compared to the same period of the previous year is decrease in revenue by 18.67% due to the precautionary measures taken in all parts of the Kingdom, including curfew measures and the times imposed in some cities and regions of the Kingdom at that time, and The monthly fluctuation of fuel prices during the period. In addition to the provision for expected credit losses. Likewise, the decrease in investment income, other revenues and the increase in financing expenses.

Despite the decrease in operating costs due to new fuel profit margin during the current period and correlation of the fuel cost with selling prices and measures taken by the company to face the Corona Pandemic. In addition to the decrease in general and administrative expenses and Zakat expenses.

Basis of the External Auditor's Opinion

Unmodified opinion

Reclassification of Comparison Items

Certain of the prior period amount have been reclassified to conform with the presentation in the current period.

Additional Information

The current period includes the margin for new fuel profit and this margin has not been recorded for the comparative period of 2019 due to recognition at the end of 2019.