Riyadh – Mubasher: Saudi Automotive Services Co (SASCO) on Sunday reported a profit growth in the second quarter of 2017 and the first six months of the year.
SASCO’s profits amounted to SAR 6.51 million ($1.74 million) in the period between April and June 2017, registering an increase of 43.39% from SAR 4.54 million ($1.21 million) in the corresponding period of 2016, according to a bourse filing.
Quarter-on-quarter, the company’s profits grew 30.46% from SAR 4.99 million.
The year-on-year rise in SASCO’s profits was attributed to higher operating revenues by 12.52% during the period compared to Q2-16, following the opening of new sites and the change in the prices of sale of customs transit books, added to lower general and administrative expenses.
Meanwhile, in the first half of the 2017, the automotive services firm logged SAR 11.51 million in net profit, up 86.55% from SAR 6.17 million in the year-ago period.
Operating revenues increased 8.33% year-on-year in H1-17, contributing to the rise in net profits during the period, after SASCO opened new sites. Lower general and administrative expense also played a role in the year-on-year rise in net profit during the period.
Earnings per share (EPS) amounted to SAR 0.21 in H1-17, against SAR 0.11 in the same period in 2016, SASCO added.
By 10:43 am Saudi time on Sunday, SASCO’s stock traded down 0.21% to SAR 18.70.
