Order Book analysis by agent about Stock صبا on 11/22/2025

## 📊 **Detailed analysis of Saba's profit and loss statement for the last 5 years (1404-1398)** --- ### **1. Net profit - change trend** | Financial year Net profit (million Rials) | Change from year to year Status | |---------|-------------------|------------------|--------| | 2018 67,965,679 | - | - | | 2019 85,702,635 | ⬆️ +18.8% | **strong growth** | | 1400 | 87,525,056 | ⬆️ +2.4% | Slow growth | 1402 | 80,751,763 | ⬇️ -7.9% | reduction | 1403 | 72,232,724 | ⬇️ -10.5% | **Severe reduction** | | 1404 | 77,393,861 | ⬆️ +7.1% | **Improvement** | **Trend review:** The net profit of the company has fluctuated significantly. Profits peaked in 1400 and declined thereafter, but 1404 shows a recovery. --- ### **2. Operating income - source of income** | Financial year Operating income Change The percentage of income from the sale of investment |---------|------------|-------|--------------------------| | 2018 70,240,498 | - | 70% investment profit | 2019 87,525,056 | ⬆️ +24.6% | 62% investment profit | 1400 | 89,607,650 | ➡️ fixed 58% dividend | 1402 | 81,595,037 | ⬇️ -8.9% 74% dividend | 1403 | 81,595,037 | ➡️ fixed 74% dividend | 1404 | 90,993,263 | ⬆️ +11.5% | 73% dividend **Conclusion:** Incomes are basically made up of investments (dividends and sales). Saba company is an investment company. --- ### **3. Operating costs - cost control** | Financial year Operating cost Percentage of income |---------|------------|------------| | 2018 426,071 million 0.6% | 2019 194,017 million 0.2% | 1400 | 686,801 million 0.7% | 1402 | 1,290,673 million **1.6%** | | 1403 | 1,290,673 million **1.6%** | | 1404 | 2,312,227 million **2.5%** | **Analysis:** Operating expenses increased from 1402 and reached the highest level in 1404. This expense growth explains the sluggish net income. --- ### **4. Composition of revenues - main sources** #### **Dividends (interest income):** | Year | Dividends Percentage of total income |----|---------|------------| | 2018 20,555,251 | 29% | | 2019 35,537,301 | 41% | 1400 | 64,474,290 | 72% | 1402 | 60,259,656 | 74% | 1403 | 66,198,709 | 73% | 1404 | 66,198,709 | 73% **Result:** Dividend income constitutes more than 70% of the total income and is the main source of income. #### **Investment sales profit:** | Year | Sales profit Percentage of total income |----|---------|------------| | 2018 49,383,566 | 70% | | 2019 51,574,698 | 59% | 1400 | 23,