SASCO 9M 2023 profit drops 35% to SAR 40 mln; Q3 at SAR 13 mln

Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 40 million for the first nine months of 2023, a 35% drop compared to SAR 61.2 million in the year-earlier period.

This was due to a decrease in other revenues from the sale and leaseback of nine SASCO sites, in addition to an increase in financing expenses, provision for credit losses, as well as selling, marketing, and Zakat expenses.

However, the company recorded higher revenues, which led to an increase in gross profit and a decrease in general and administrative expenses. This led to an increase in income from main operations and investment revenues.

Q3 2023 net profit amounted to SAR 13 million, down 45% year-on-year from SAR 23.5 million.

This was due to an increase in the cost of sales as well as selling, marketing, and financing expenses. The company also cited a decline in other revenues, despite the rise in revenues and investment income, as well as a decrease in general and administrative expenses and provision for credit losses and Zakat expenses.

On a sequential basis, Q3 net profit slightly increased from SAR 12.97 million.

Shareholders’ equity, after minority interest, reached SAR 878.76 million as of Sept. 30, 2023, compared to SAR 833.15 million in the year-earlier period.

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