The Saudi Automotive Services Company (SASCO) achieved a 106.4% increase in profits for the third quarter of this year to reach 23.5 million riyals, after zakat and tax, compared to 11.4 million riyals in the same quarter of 2021.
Net profit decreased on a quarterly basis by 20.7% in the third quarter of 2022, compared to 29.68 million riyals in the second quarter of 2022.
According to Arab Net, SASCO said in a statement that the increase in profits in the third quarter of 2022, on an annual basis, is due to an increase in revenues by 96% due to the acquisition of 80% of the capital of the Oil Services Company Limited and the increase in the amount of sales, which led to an increase in the total profit. And income from the main operations, in addition to higher income from investments and other income.
She added that this is despite the increase in general and administrative expenses, selling and marketing expenses, financing costs and the increase in zakat expense.
During the first nine months of 2022, SASCO's net profit increased by 72.5% to 61.24 million riyals after zakat and tax, compared to a net profit of 35.5 million riyals in the same period of 2021.
