Saudi SASCO records 13% lower profits in Q2-20

Riyadh – Saudi Automotive Services Company (SASCO) achieved SAR 4.44 million worth of net profits during the second quarter (Q2) of 2020, down by 13.28% from SAR 5.12 million registered in the same period in the previous year.

Year-on-year (YoY), SASCO saw a 49.8% drop in revenues at SAR 297.37 million over Q2-20, according to a bourse disclosure on Wednesday.

Moreover, the lower interim profits were driven by the plunge in revenues due to the precautionary measures taken against the COVID-19 outbreak, coupled with the monthly fluctuation of fuel prices, a provision for expected credit losses, and a decrease in income from investments.

This came despite the drop in operating costs, general and administrative expenses, financing costs, and Zakat expenses, and the rise in other income.