Saudi Automotive Services Co. (SASCO) announces interim financial results for the period ended September 30, 2021 (Nine Months)
October 27, 2021 at 07:28 am
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A4050 SASCO0.0 (0.0 %) 1443/03/21 Wed Oct 27, 2021 08:43:22
Saudi Automotive Services Co. (SASCO) announces interim financial results for the period ended September 30, 2021 (Nine Months)
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Element List
Current Quarter
Similar quarter for previous year
%Change
Previous Quarter
% Change
Sales/Revenue
1,140.82
586.83
94.403
955.86
19.35
Gross Profit (Loss)
36.41
39.68
-8.24
34.94
4.207
Operational Profit (Loss)
22.86
28.72
-20.403
26.06
-12.279
Net Profit (Loss) after Zakat and Tax
11.4
17.45
-34.67
12.08
-5.629
Total Comprehensive Income
12.37
20.63
-40.038
11.24
10.053
All figures are in (Millions) Saudi Arabia, Riyals
Element List
Current Period
Similar period for previous year
%Change
Sales/Revenue
2,847.23
1,525.27
86.67
Gross Profit (Loss)
109
115.99
-6.026
Operational Profit (Loss)
72.44
59.69
21.36
Net Profit (Loss) after Zakat and Tax
35.5
30.01
18.293
Total Comprehensive Income
36.56
30.62
19.399
Total Share Holders Equity (after Deducting Minority Equity)
811.31
822.07
-1.308
Profit (Loss) per Share
0.59
0.5
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 decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the decrease in the cost of revenue during the same quarter of the previous year Due to stock profit resulting from fuel price increasing in addition to increase in general and administrative expenses and financing costs during the current quarter, despite the increase in sales and other income during the current quarter.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is
The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to the increase in general and administrative expenses, which led to a decrease in net profit from main operations, despite decrease in marketing expenses and financing costs, and increase in other revenues.
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 increase in net profit during current period compared to the same period of the previous year is due to an increase in revenues by 87%, and an increase in investment profits, in addition to the inclusion of the same period of the previous year to provision for expected credit losses. Despite the increase in general and administrative expenses, marketing expenses, financing costs and decrease in other revenues.
Statement of the type of external auditor's report
Unmodified conclusion
Reclassification of Comparison Items
do not apply
Additional Information
- Comparative period for year 2020 includes the initiatives granted by the state in addition to the rental discounts obtained during the pandemic period, which contributed to reducing the cost of revenue, which led to an increase in the total profit for the period for year 2020.
- The fuel price was changed during the first half of 2021 while fixed price during third quarter.
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The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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SASCO - Saudi Automotive Services Co. SJSC published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 06:27:08 UTC.
Saudi Automotive Services Company SJSC is a Saudi Arabia-based company, which provides a range of automotive services. The Company operates in five segments: The retail and operation segment, which includes the activities of operating the station from the sale of fuels, the sale of food and beverages, and the operations of residential and commercial building; The investment sector, which includes investment activity in other companies and investment in securities; The Saudi automobile club sector, which issues customs transit books, international driving licenses , and sports activities; The transport fleet services sector, which services the transportation of liquid and dry materials; The franchising sector, which grants the right to exploits the trademark to SASCO. The Companyâs subsidiaries include Fleet Transportation Company, Saudi Automobile Club Company, Sasco Property Company, and The First Palm Company, among others.