Saudi Automotive Services (SASCO) on Tuesday stated that its net profits grew 15.13% during 2017 from a year earlier.
Net profits increased to SAR 29.91 million in 2017 versus SAR 25.98 million in the previous year, according to a statement to the Saudi Stock Exchange (Tadawul).
SASCO attributed the profit rise to a growth in operating income after inaugurating new sites and the amendment of sale prices of customs books that led to a rise in profit margin.
Operating profits surged 91.13% due to a decline in general and administrative expenses, the company said.
SASCO’s stock weighed down 0.16%, closing Tuesday at SAR 18.45.