Saudi Automotive Services Co. (SASCO) announces interim financial results for the period ended June 30, 2018 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 7.36 | 6.36 | 15.72 | 7.91 | -6.95 |
| Gross profit (loss) | 16.76 | 21.11 | -20.61 | 18.77 | -10.71 |
| Operational profit (loss) | 7.17 | 12.74 | -43.72 | 9.7 | -26.08 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 15.28 | 10.97 | 39.29 |
| Gross profit (loss) | 35.53 | 35.77 | -0.67 |
| Operational profit (loss) | 16.87 | 18.76 | -10.07 |
| Earning or loss per share, Riyals | 0.25 | 0.18 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reason for increase in the current quarter compared to the same quarter last year is due to the inclusion of the current quarter on investment income of SR 2.3 million with the increase in other revenues and the decrease in the cost of financing, in addition to in decrease in Zakat expenses by 77.79% due to the absence of previous years, in spite of decrease in total income due to increase in the cost of sales, addition to the increase in general and administrative expenses resulting in operating income. |
| Reasons of increase (decrease) for period compared with same period last year | The reason for increase in net profit in the current period compared with the same period of last year is due to Sales increased by 66.08%, in addition to a decrease in the Zakat expenditure and including the current period of investment income by SR 3 million, In spite of the increase in the cost of financing, cost of sales, general and administrative resulting in a decrease in total and operating income. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reason for decrease in the current quarter compared with the last quarter of this year due to decrease in total income due to increase in cost of goods sold and marketing expenses, in spite of the increase in investment income, other income and decrease in general and administrative expenses. |
| Reclassifications in quarterly financial results | The comparative figures for 2017 have been reclassified based on the financial statements prepared accordance to International Financial Reporting Standards (IFRS) adopted in Saudi Arabia by Saudi Organization for Certified Public Accountants to be consistent with the presentation of the current period. |
| Other notes | The net operating revenue during the current quarter of this year amounted to SAR 522.27 Million compared to same quarter for previous year amounted SAR 309.38 by increased of 68.81%. The net operating revenue during the current period of this year amounted to SAR 982.22 Million compared to same period of previous year amounted SAR 591.41 by increased of 66.08%. The comprehensive income amounted SAR 9.21 million, compared to SAR 6.37 million in same quarter for previous year with increased by 44.58%, compared to SAR 8.65 million for the last quarter by increase of 6.47%. The comprehensive income amounted SAR 17.85 million, compared to SAR 10.41 million in same period for previous year by increased of 71.47%, The shareholders equity (no minority interest) as end of current period is amounted to SAR 719.97 Million compared to SAR 739.30 million as of end of same period by decrease of (%2.61 ). Earnings per share for previous period was recalculated to increase in capital from SAR 540 Million to SAR 600 Million. The External Auditor reviewed the financial statements and issued a conclusion examination report (unmodified). |
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