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Saudi Automotive Services Q4 profit climbs YOY

Saudi Automotive Services Co. said its normalized net income for the fourth quarter amounted to 9 halalas per share, a gain from 4 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.0 million riyals, an increase from 2.3 million riyals in the year-earlier period.

The normalized profit margin increased to 2.5% from 2.0% in the year-earlier period.

Total revenue rose 58.2% year over year to 187.4 million riyals from 118.4 million riyals, and total operating expenses grew 53.6% on an annual basis to 186.0 million riyals from 121.1 million riyals.

Reported net income declined 88.4% year over year to 5.5 million riyals, or 10 halalas per share, from 47.6 million riyals, or 88 halalas per share.

For the year, the company's normalized net income totaled 33 halalas per share, a gain of 33.3% from 25 halalas per share in the prior year.

Normalized net income was 18.0 million riyals, an increase of 33.3% from 13.5 million riyals in the prior year.

Full-year total revenue grew 46.7% on an annual basis to 665.0 million riyals from 453.4 million riyals, and total operating expenses grew 45.7% on an annual basis to 648.3 million riyals from 444.8 million riyals.

The company said reported net income decreased 76.9% on an annual basis to 18.9 million riyals, or 35 halalas per share, in the full year, from 82.1 million riyals, or 1.52 riyals per share.

As of Feb. 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.