Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) on Thursday posted a 72% year-on-year growth in net profits for the first quarter of 2018.
SASCO posted a net profit of SAR 7.9 million during the three-month period ended March 2018, compared to SAR 4.6 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the rise of the first-quarter profits to a growth in net sales due to inaugurating new locations which boosted net income and operating profits, in addition to an increase in investments’ profits.
SASCO also ascribed the profit hike to a decrease in general and administrative expenses.
The shareholders' equity amounted to SAR 737.76 million in Q1-18, up from SAR 732.93 million in the comparative period of 2017, the statement added.
Net sales jumped 63.1% to SAR 459.95 million in the first three months of 2018, compared to SAR 282.03 million in the same the period a year before.
Quarter-on-quarter, the company’s profits fell 14% from SAR 9.2 million in Q4-17.
By 10:54 am KSA time, SASCO's stock fell 0.32% to SAR 18.60.
