SASCO posts a 75.4% leap in profits during Q1 by SAR 14 million

The net profit of the Saudi Automotive Services Co. (SASCO) reached SAR 14 million during the first quarter, compared to SAR 8 million in the same quarter of last year, by 75.44%. This came after the announcement of the interim financial results on Monday for the period ending on 31.03.2023 (3 Months).

The total operating profit in the first quarter amounted to SAR 51 million, compared to SAR 25 million in the same quarter of the previous year, an increase of 104%.

Total income amounted to SAR 81 million in Q1, compared to SAR 40 million in the same quarter last year, a growth of 101%.

Profit per share in the current period amounted to SAR 0.23, compared to SAR 0.13 in the same period last year.

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to increase in sales which led to an increase in total profit and income from main operations, in addition to an increase in other revenues, despite the increase in G&A expenses, marketing expenses, provision for credit losses, financing costs, and zakat expenses related to the zakat assessment for the years from 2014 to 2018.

The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to a decrease in sales by 2%, an increase in a provision for credit losses, zakat expense related to the zakat assessment for the years from 2014 to 2018, and the decrease in dividends from investments, despite the decrease in G&A, marketing expenses and the increase other revenue.

The company stated that some comparative figures for the previous year have been reclassified in line with the current year’s classification.