Saudi Automotive Services Co. (SASCO) announces the estimated consolidated annual financial results for the period ended December 31, 2017

16 January 2018 03:35 PM

SASCO 4050 45.52% 81.20 25.40

Element	Current year	Previous year	% Change
Net profit (loss)	29.91	25.98	15.13
Earning or loss per share, Riyals	0.55	0.48	-
Gross profit (loss)	69.86	58.1	20.24
Operational profit (loss)	37.1	19.41	91.14
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The reason for increase in net profit in the current period by 15.13% compared to the same period last year due to an increase in operating income for the current period by 20.24% as a result of the opening of new sites of the company and the change in the prices of selling customs books, and the increase operating profit by 91.13% with the decrease in general and administrative expenses due to the decrease in the provision for customs claims, despite the increase in selling and marketing expenses and the corresponding period of the previous year on investment income of SAR 11.29 million. Compared with SAR 3.6 million for 2017 Investment opportunities in Saudi equities and higher financing costs and Zakat expenses.
Reclassifications in annual financial results	The comparative figures for 2016 have been reclassified based on the financial statements prepared in accordance with the requirements of the International Financial Reporting Standards adopted in Saudi Arabia by the Saudi Organization for Certified Public Accountants.
Other notes	The net sales during 2017 around 1,214 billion SR compared to 1,094 million SR for the same period of the prior year by an increase of 10.97%. Total comprehensive income for the current period reached SAR 28.91 million compared to SAR 12.23 million for the same period last year, an increase of 136.39% Total shareholders' equity (minority rights) at the end of the current period reached SAR 816 million compared to SAR 787 million for the same period last year, an increase of 3.68%. In accordance with CMA Resolution dated 25/2/1439H (14/11/2017G) exempting listed companies from disclosing Q4 2017 financial results, the Company will announce and publish the full 2017 financial results comprising of all four quarters without separately announcing Q4 2017 financial information.

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