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SASCO records 34% higher profit in Q3

SASCO records 34% higher profit in Q3
Revenues slipped to SAR 586.83 million over Q3-20.
SASCO
4050
-0.94% 31.60 -0.30

Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) recorded SAR 17.45 million worth of profits in the third quarter (Q3) of 2020, up by 33.9% when compared to SAR 13.03 million in the same period in 2019.

The growth in profits was ascribed to higher total and net profit from main operations due to an increase in the profit margin of fuel during Q3 and a decrease in selling and marketing expenses, and Zakat expense, according to a stock exchange statement on Thursday.

This came despite the rise in general and administrative expenses and financing costs, and the decrease in investment income and other revenues.

Revenues slipped by 9.3% yearly to stand at SAR 586.83 million over Q3-20.

In the first nine months of the year, the profits netted SAR 30.01 million, posting an 11% annual jump.