Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) announced its interim financial results for the third quarter of 2019.
Net profits after zakat and tax hiked by 76.3% to SAR 13.03 million in Q3-19, compared to SAR 7.39 million in Q3-18, according to the firm’s filing to the Saudi Stock Exchange (Tadawul) on Thursday.
The profit growth was driven by higher sales, gross profit, investment income and other income on the compensation received by the company under the legal claim of Hafar Al-Batin’s land plot.
Total revenues of the Saudi-based company rose by 23.4% year-on-year to SAR 647.27 million during the three-month period ended September.
For the first nine months of 2019, SASCO’s net profits increased by 7% to SAR 27.03 million, from SAR 25.24 million in the same period of the prior year.
As for revenues, they went up by 19.5 to SAR 1.8 billion by the end of September, versus SAR 1.51 billion in September 2018.
