SASCO reports profit surge to SR51 mln in 2021

Saudi Automotive Services Co. (SASCO) announced that its net profit after zakat and tax surged 27% to SR 51 million in 2021 from SR 40 million in 2020.

According to its financial result statement published on Tadawul, operational profit of SASCO dropped 5% to SR 99 million from SR 104 million a year earlier.

Moreover, gross profits in 2021 hiked by 1.2% to SR 152 million against SR 150 million in 2020, while profit per share (EPS) rose to SR 0.85 from SR 0.67.

Higher profits were spurred by higher quantity of sales which led to an increase in the gross profit, despite inclusion of the previous year’s gross profit on the reductions received during the pandemic period, in addition to increasing investment income and lower credit losses provision and Zakat expenses.

This comes despite increase in general and administrative expenses and marketing expenses, which led to a decrease in net profit from main operations, higher financing expenses and lower other revenues.