SASCO posts 40% profit leap in 2023 to SAR 105.5M; Q4 at SAR 65.5M

Saudi Automotive Services Co. (SASCO) reported a 40% leap in 2023 net profit to SAR 105.5 million, from SAR 75.2 million a year earlier.

The profit growth was attributed to higher sales from existing locations and the growth in newly-added locations, which led to a rise in gross profit for 2023.

The company also cited lower general and administrative expenses for the year, as well as higher investment revenues. Also, 2023 saw the inclusion of profit resulting from the valuation of investment properties, besides a decline in Zakat expenses.

However, SASCO posted higher selling and marketing expenses for the same year, provision for credit losses and financing costs, and the previous year’s inclusion of profit resulting from the sale and leaseback process.

In Q4 2023, net profit more than quadrupled to SAR 65.5 million, from SAR 13.94 million in the year-earlier period.

The fourth-quarter net profit was more than five times higher than SAR 12.98 million in Q3 2023.

Shareholders’ equity, after minority interest, grew to SAR 875.01 million as of Dec. 31, 2023, from SAR 815.84 million a year earlier.

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