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Saudi Automotive Services Co. (SASCO) announces interim financial results for the period ended Sep 30, 2020 (Nine Months)

SASCO 4050 -2.10% 55.80 -1.20
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 586.83 647.27 -9.337 297.37 97.34
Gross Profit (Loss) 39.68 22.08 79.71 46 -13.739
Operational Profit (Loss) 28.72 12.9 122.635 13.84 107.514
Net Profit (Loss) after Zakat and Tax 17.45 13.03 33.921 4.44 293.018
Total Comprehensive Income 20.63 13.03 58.326 6.64 210.692
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 1,525.27 1,801.09 -15.314
Gross Profit (Loss) 115.99 64.65 79.412
Operational Profit (Loss) 59.69 31.32 90.581
Net Profit (Loss) after Zakat and Tax 30.01 27.03 11.024
Total Comprehensive Income 30.62 27.03 13.281
Total Share Holders Equity (after Deducting Minority Equity) 822.07 712.52 15.375
Profit (Loss) per Share 0.5 0.45
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason for increase in net profit during the current quarter compared to the same quarter of the previous year is due to increase in total profit and net profit from main operations due to increase in profit margin of fuel during current quarter and decrease in selling and marketing expenses , zakat expense. Despite the increase in general and administrative expenses, financing costs, and the decrease in investment income and other revenues.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for increase in net profit during the current quarter compared to the previous quarter is due to increase in sales by 97.34% and the inclusion of the previous quarter's provision for credit losses due to the Corona pandemic, despite increase in general and administrative expenses, financing costs and zakat expense.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for the increase in net profit during current period compared with the same period of previous year is due to increase in gross profit and net profit from main operations due to increase in profit margin of fuel during the current period and decrease in selling and marketing expenses , general and administrative expenses Despite the formation of a provision during current period to meet the expected credit losses due to the Corona pandemic, increase in financing costs, and decrease in investment income and other revenues due to the inclusion of the period from the previous year on the compensation obtained by the company related to the issue of Hafar Al-Batin land and decrease in the Zakat expense.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain of the prior period amount have been reclassified to conform with the presentation in the current period.
Additional Information The current period includes the margin for new fuel profit and this margin has not been recorded for the comparative period of 2019 due to recognition at the end of 2019.

Despite the positive results of the company, the consequences of the Corona virus led to a decrease in net income than expected due to the impact of the company's sectors with some of the measures taken to limit the spread of the virus.

Attached Documents
Saudi Automotive Services analysis of the interim financial results Q3 2020

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