Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) reported a 2.7% year-on-year increase in its profits in the first quarter of 2019.
Net profits stood at SAR 8.88 million in Q1-19, compared to SAR 8.65 million in Q1-18, according to the company’s recent statement to the Saudi Stock Exchange (Tadawul).
The rise in first-quarter profit was ascribed to a 21.94% increase in sales, combined with growth in other revenues due to the compensation received by the company for the land issue of Hafr Al-Batin.
Revenues of the automotive company jumped 21.9% to SAR 560.88 million in Q1-19, against SAR 459.95 million in the same period of the prior year.
It is worth noting that SASCO posted a 26.65% year-on-year growth in consolidated profits for the fiscal year ended 31 December 2018, recording SAR 35.45 million.
