SASCO Board of Directors Adopts Fair Value or Revaluation Model for Measuring Investment Properties

The Saudi Automotive Services and Equipment Company (SASCO) announced on February 7, 2024, the issuance of a Board of Directors (BOD) decision, dated February 5, 2024, to utilize the fair value or revaluation model for measuring investment properties.

It is anticipated that the adoption of this model will positively impact the net assets, resulting in an increase of approximately SAR 70 million. The expected financial implications will commence from the consolidated financial statements for the fiscal year ending on December 31, 2023.

The company emphasizes that the implementation of this new accounting policy will not generate any cash flow within the organization. Furthermore, it clarifies that the BOD members’ signatures on the resolution were obtained via circulation on February 6, 2024.