Riyadh - Mubasher: Saudi Automotive and Equipment Company (SASCO) logged a net profit of SAR 23.21 million during the first nine months of 2018, up 16.45% from the same period a year earlier, according to official figures released on the Saudi Stock Exchange (Tadawul)

The company attributed the rise in its nine-month profits to a 68% increase in its sales and its revenues of investments.

Meanwhile, the company’s total revenues dropped a 2.5% during the third quarter of this year to SAR 18.72 million, compared to SAR 19.2 million gained in the same period last year.

The Saudi company attributed the third-quarter profit decline to a drop in sales volumes as well as high financing costs that rose by 216%.

The company also incurred a 6% year-on-year decline in its earning per share (EPS) to SAR 0.39 during the first nine-month period ended September, down from SAR 0.33 in the same period a year ago.