Saudi Automotive Services SASE:4050 Stock Report

Saudi Automotive Services Company Approves Additional Cash Dividend to the Shareholders for the Fiscal Year Ending on December 31, 2021

Saudi Automotive Services Company, Annual General Meeting, Jun 14, 2022

Saudi Automotive Services Company, Annual General Meeting, Jun 14, 2022, at 16:00 Coordinated Universal Time. Location: intersection of Al-Ahsa Street with Arbaeen Street, Al Zahraa District Riyadh Saudi Arabia Agenda: To consider voting on the Board of Directors report for the fiscal year ending on December 31, 2021; to consider voting on the auditor's report for the fiscal year ending on December 31, 2021; to consider voting on the company's consolidated financial statements for the fiscal year ending on December 31, 2021; to consider voting to appoint the company's auditor from among the candidates based on the audit committee's recommendation, to examine, review and audit the interim and annual financial statements from the fiscal year 2022 and the first quarter of 2023, and determine their fees; to consider voting on absolve the members of the Board of Directors from liability for the fiscal year ending on December 31, 2021; and to consider any other matters of the business.

First quarter 2022 earnings released: EPS: ر.س0.13 (vs ر.س0.20 in 1Q 2021)

First quarter 2022 results: EPS: ر.س0.13 (down from ر.س0.20 in 1Q 2021). Revenue: ر.س1.27b (up 70% from 1Q 2021). Net income: ر.س8.02m (down 33% from 1Q 2021). Profit margin: 0.6% (down from 1.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings.

Price target increased to ر.س38.50

Up from ر.س33.60, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ر.س37.40. Stock is up 4.8% over the past year. The company posted earnings per share of ر.س0.85 last year.

Less than half of directors are independent

No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Ali Bin Mohammed Ali Al-Khail was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.