Riyadh – Mubasher: The Saudi Automotive Services Company (SASCO) on Wednesday reported a 26.65% year-on-year growth in consolidated profits for fiscal year ended 31 December 2018.
Net profit totaled SAR 35.45 million last year, compared to SAR 27.99 million in 2017, SASCO said in a statement to the Saudi Stock Exchange (Tadawul).
The company attributed the increase in FY18 net profit to higher sales, in addition to “the decrease in depreciation, custom claims provision and increase in investment income, despite the increase in cost of sales, financing cost, general and administrative expenses.”
Revenue surged 69.59% to SAR 2.056 billion in the 12-month period ended last December, versus SAR 1.212 billion in the same period a year earlier.
Moreover, operational profits increased 18.04% year-on-year to SAR 37.68 million in 2018 from SAR 31.92 million.
Earnings per share (EPS) stood at SAR 0.59 in 2018, compared to SAR 0.47 in 2017.
In the same vein, SASCO’s board of directors has proposed a cash dividend distribution of SAR 30 million or SAR 0.50 for FY18 to shareholders.
The cash dividend will be paid for FY18 at 5% of the stock’s par value, according to a separate statement to Tadawul.
“The eligibility of dividends shall be for the shareholders registered with the Securities Depository Center at the end of the second trading day of the date of the General Assembly,” the company noted.
SASCO’s stock closed Tuesday’s trading session 0.61% down at SAR 16.4.
