SASCO’s net profits up to $28.1mln in 2023

Revenues witnessed an annual surge of 16.05% to SAR 9.11 billion as of 31 December 2023, versus SAR 7.65 billion, according to the financial results

Staff Writer, Mubasher

March 24, 2024

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Saudi Automotive Services Company (SASCO) generated net profits amounting to SAR 105.49 million in 2023, up 40.32% from SAR 75.18 million a year earlier.

Revenues witnessed an annual surge of 16.05% to SAR 9.11 billion as of 31 December 2023, versus SAR 7.65 billion, according to the financial results.

The higher revenues are due to an increase in the number of sales from existing locations in addition to the growth in the number of added locations.

Meanwhile, the earnings per share (EPS) jumped to SAR 1.76 last year from SAR 1.25 in 2022.

In the January-September 2023 period, SASCO posted 34.63% lower net profits after Zakat and tax at SAR 40.03 million, compared to SAR 61.24 million in 9M-22.

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