Retailing and Operation Division

Saudi Automotive Services Co. (SASCO) announces the consolidated annual financial results for the period ended December 31, 2020

28 March 2021
Retailing and Operation Division

 

ELEMENT LIST

CURRENT YEAR

PREVIOUS YEAR

%CHANGE

Sales/Revenue

2,136.24

2,482.84

-13.959

Gross Profit (Loss)

150.26

158.6

-5.258

Operational Profit (Loss)

104.34

103.99

0.336

Net Profit (Loss) after Zakat and Tax

40.13

120.65

-66.738

Total Comprehensive Income

39.26

170.72

-77.003

Total Share Holders Equity (after Deducting Minority Equity)

804.75

849.49

-5.266

Profit (Loss) per Share

0.67

2.01

 

All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT LIST

EXPLANATION

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

The reason for the decrease in net profit during the current Year compared to the previous year is due to decrease in sales for all sectors of the company as a result of the precautionary measures taken including curfew measures and time imposed in some cities and regions of the Kingdom, to limit the spread of the new Corona virus, which negatively affected the total profit, despite decrease in selling and marketing expenses and general expenses, which led to an increase in net profit from the main operations, except that the increase in financing costs and a provision for expected credit losses by 21 million SR and decrease in investment income for the year 2019 in addition to the inclusion of 2019 on other revenues for the year 2018 (the difference in the fuel margin) and increase in the Zakat expense, which led to a decrease in net profit .

Statement of the type of external auditor's report

Other Matter

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

In auditor's report was mentioned under the item (other matter):

The consolidated financial statements of the Group as of December 31, 2019 were reviewed by another auditor who expressed an unqualified opinion on these consolidated financial statements on March 31, 2020.

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 income statement for the year 2019 has been amended due to the recalculation of IFRS No. (16) on some sites leased from municipality in line with the expected life of the contracts and resulted in a decrease in income statement for year 2019 by the amount of 1,163,393 SR to become 120,647,589 SR instead of 121,810,982 SR.