Riyadh – Mubasher: Saudi Automotive Services Co's (SASCO) profits hiked 206.1% year-on-year to SAR 4.99 million in the first quarter of 2017 from SAR 1.63 million in Q1-16.
The surge in net profits was attributed to higher operating revenues, lower general and administrative expenses due to the decrease in customs provisions, and the increase in other revenues,
The absence of losses from investments due to the company's exit from all the shares of two investment portfolios in Saudi stocks also contributed to the rise in profits, according to a bourse filing on Wednesday.
Sales grew 4% to SAR 282.03 million, up from SAR 270.95 million in the same period of the previous year.
