Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) announced its financial statement for the second quarter of 2019.
Net profits after zakat and tax fell by 44.4% to SAR 5.12 million in Q2-19, compared to SAR 9.21 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.
The decrease in net profit is due to decrease in fuel profit margin despite the increase in selling prices, in addition to the increase in financing costs resulting from the implementation of the requirements of International Financial Reporting Standard.
Meanwhile, revenues jumped by 13.5% year-on-year to SAR 592.95 million by the end of June.
For the first half of 2019, SASCO’s net profits plunged by 21.5% to SAR 14 million, from SAR 17.85 million in H1-18.
Revenues of the Saudi-based company increased by 17.4% to SAR 1.15 billion during the six-month period between January and June, versus SAR 982.2 million in the same period of the prior year.
Profit per share stood at SAR 0.23 in H1-19, compared to SAR 0.3 in the corresponding period a year earlier.
