SASCO - Saudi Automotive Services Co. : SASCO ANNOUNCES INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2012 (TWELVE MONTHS)

Saudi Automotive Services Co. (SASCO) announces the interim financial results for the period ended December 31, 2012 as follows :

1. The net income for the quarter ended December 31, 2012 was SAR 8.21 Million, compared to the net income of SAR 15.26Million for the same quarter in 2011, representing a decrease of 46.20%, and compared to the net income for the previous quarter of SAR 2.39 Million representing an increase of 243.51%.

2. The gross profit for the quarter ended December 31, 2012 amounted to SAR 8.60 Million, compared to same quarter in 2011 of SAR 2.90 Million, representing an increase of 196.55%.

3. The income from operations for the quarter ended December 31, 2012 amounted to SAR 1.16 Million, compared to SAR (2.74) Million for the same quarter in 2011.

4. The net income for the twelve months period ended December 31, 2012 was SAR 45.77 Million, compared to the net income of SAR 37.76 Million for the same period in 2011, representing an increase of 21.21 %.

5. The earning per share for the twelve months period ended December 31, 2012 amounted to 1.02 SAR, compared to 0.84 SAR for the same period in 2011.

6. The gross profit for the twelve months period ended December 31, 2012 was SAR 29.34 Million, compared to SAR 20.98 Million for the same period in 2011, representing an increase of 39.85 %.

7. The income from operations for the twelve months period ended December 31, 2012 was SAR 8.71 Million, compared to SAR 4.01 Million for the same period in 2011, representing an increase of 117.21 %.

8. The reason for the decrease in net profit during the fourth quarter 2012 compared to the same period of the previous year 2011 is due to the decrease in investments revenues because of dividend distribution in the invested companies in addition to increase in the general & administrative expenses caused by development and rehabilitation requirements, in spite of increasing of the operational revenues of the company which led to increase in the net profit and operational profit compared to previous year.

9. The reason for the increase in the net profit the previous 12 months of 2012 compared to the same period of 2011 year is due to the increase in the capital & investments profits, also the increase in the operational revenuesspecially in stations sector by 41.85% dueto opening of new stations during this year 2012 positively affected the net profit and operational profit compared to the year 2011.

10. The reason for the increase in the net profit for the fourth quarter in 2012 compared to the previous quarter refers to the inclusion of the previous quarter to losses of exclusion of investments, in addition to increase of the general, administrative & marketing expenses result from rehabilitation.

11. The thebook value of share in the end of 2012 was SAR 15.57 compared to SAR 11.54 in the same period of the previous year 2011 due to adding awarded lands & increase in company's net profit.