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Saudi Automotive Services Q2 profit climbs 60.3% YOY

Saudi Automotive Services Co. said its normalized net income for the second quarter came to 9 halalas per share, an increase of 60.3% from 6 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.8 million riyals, a gain of 60.3% from 3.0 million riyals in the prior-year period.

The normalized profit margin fell to 2.2% from 2.7% in the year-earlier period.

Total revenue climbed 40.7% on an annual basis to 159.5 million riyals from 113.4 million riyals, and total operating expenses increased 42.8% from the prior-year period to 154.6 million riyals from 108.3 million riyals.

Reported net income decreased 83.9% from the prior-year period to 3.7 million riyals, or 7 halalas per share, from 23.1 million riyals, or 43 halalas per share.

As of July 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.