SASCO posts $1.80bln revenues in 9M-23; profits down

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Riyadh – Saudi Automotive Services Company (SASCO) registered a 34.63% drop in net profit after Zakat and tax to SAR 40.03 million during the first nine months (9M) of 2023, versus SAR 61.24 million in 9M-22.

The earnings per share (EPS) stood at SAR 0.67 in 9M-23, compared to SAR 1.02 a year earlier, according to the initial financials.

Revenues increased by 21.51% year-on-year (YoY) to SAR 6.77 billion during the January-September 2023 period from SAR 5.57 billion.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the net profits after Zakat and tax retreated by 44.84% to SAR 12.98 million from SAR 23.53 million in Q3-22.

SASCO posted 3.66% YoY higher revenues at SAR 2.32 billion during the three-month period that ended on 30 September 2023, compared to SAR 2.24 billion.

On a quarterly basis, the Q3-23 net profits edged up by 0.08% from the SAR 12.97 million generated in Q2-23, while the revenues rose by 3.87% from SAR 2.23 billion.