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Saudi Automotive Services Co. (SASCO) announces the consolidated annual financial results for the period ended December 31, 2022
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SASCO
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1444/08/16 08/03/2023 09:14:34
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 7,852.21 | 4,061.64 | 93.33 | ||
| Gross Profit (Loss) | 272.18 | 159.3 | 70.86 | ||
| Operational Profit (Loss) | 94.73 | 104.3 | -9.18 | ||
| Net Profit (Loss) after Zakat and Tax | 89.71 | 50.84 | 76.45 | ||
| Total Comprehensive Income | 99.4 | 49.19 | 102.07 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 836.33 | 811.94 | 3 | ||
| Profit (Loss) per Share | 1.5 | 0.85 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in net profit during the current period compared to the last year is an increase in revenues by 93% because of the acquisition of 80% of the capital of Naft Company in addition to an increase in sales volumes, which led to an increase in the total profit also an increase in other revenues resulting from selling and leaseback (9) sites, despite the increase in G&A expenses due to acquisition costs, sales and marketing expenses, which led to a decrease profit from main activities, increase in financing cost and zakat expenses and decrease in investment income. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | The consolidated financial statements for the year ending on December 31, 2021 were reviewed by another auditor who expressed an unqualified opinion on those statements. |
| Reclassification of Comparison Items | Some comparative figures for the previous year have been reclassified in line with the current year's classification |
| Additional Information | The financial results have been consolidated with NAFT from the date of acquisition on April 7, 2022 |
| Attached Documents |  |
The Capital Market Authority and Saudi 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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