Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) on Thursday stated that its net profits went up 36.58% in the third quarter of 2017, compared to the year-ago period.

Net profits increased to SAR 9.11 million in Q3-17, from SAR 6.67 million in Q3-16, according to a bourse statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits jumped 39.94%.

The Tadawul-listed firm attributed the rise in its year-on-year net profits to the increase in sales due to inaugurating new sites, in addition to the decrease in general and administrative expenses.

The automotive company’s net profits grew 60.59% to reach SAR 20.62 million in the first nine months of 2017, compared to SAR 12.84 million in the same period in the year before.

By 10:07 am KSA time, SASCO’s stock rose 1.40% to SAR 20.98.