SASCO's net profits down 8.6% in Q1

The company's revenues jumped by 14.297%

Riyadh – Mubasher: The net profits after zakat and tax of Saudi Automotive Services Company (SASCO) slid by 8.558% to SAR 8.12 million during the first quarter (Q1) of 2020 from SAR 8.88 million in the year-ago period.

The decrease in net profits is attributed to the inclusion of other revenues represented in the compensation obtained by the company for the Hafar Al-Batin land case in Q1-19.

Meanwhile, the increase in financing costs, general, and administrative expenses and a decrease in investment income have pushed the company's net profits lower.

The company's revenues jumped by 14.297% to SAR 641.07 million in the January-March period, compared to SAR 560.88 million during the same period of 2019, according to the company's interim financial results for the period ended on 31 March 2020.

Earnings per share (EPS) settled at SAR 0.14 in Q1-20, compared with SAR 0.15 in Q1-19.

On a quarterly basis, the company reported a 91.432% drop in net profit during the first three months of 2020, compared with SAR 94.78 million in Q4-19.

Source: Mubasher

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