Riyadh – Mubasher: Saudi Automotive Services Co. (SASCO) posted a 10.19% profit growth year-on-year in its net profits, according to a bourse statement.
Net profits reached SAR 7.14 million ($1.9 million) in Q3-16, compared to SAR 6.48 million ($1.78 million) in Q3-15.
Higher year-on-year net profits in Q3-16 is mainly driven by a rise in sales by 42.21%, which led to an increase in gross income, in addition to a growth in net income from investments and other income.
However, general and administrative expenses rose due to an increase in provision of the custom claims and the employment cost, in addition a rise in marketing expenses.
The company posted net profits of SAR 13.19 million in the first nine months of 2016, a declien of 1.71% from SAR 13.42 million in the same period of 2015.
