Saudi Automotive Services Co. (SASCO) announces interim financial results for the period ended September 30, 2021 (Nine Months)

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.
Attached Documents	[Link]

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