Riyadh-Mubasher: Saudi Automotive Services Co.(SASCO) posted net earnings of SAR 5.7 million for the fourth quarter of 2015, dropping 88% compared with SAR 47 million in the same period a year ago.
The fourth-quarter profit decline was ascribed by the company to selling shares in TAQA during the similar period of last year, as well as increase in banking charges and fall in other revenues.
Full-year net income fell 77% year-on-year from SAR 82 million to SAR 19 million.
The profit fall in 2015 was due to selling some investments, liquidating the entire owned stock portfolio and selling shares in TAQA during the similar period of last year, SASCO said.
