Saudi Automotive Services Company (SASCO) on Wednesday reported a 15.72% year-on-year profit hike in the second quarter of 2018, while profits jumped 39.29% in the first six months of 2018.
SASCO’s net profits amounted to SAR 7.36 million during the period between April to June, compared to SAR 6.36 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the Saudi firm’s profits tumbled 6.95%, from SAR 7.91 million.
SASCO attributed the second-quarter profit rise to adding a SAR 2.3 million income from an investment to the results, coupled with a jump in other revenues and lower financing costs.
SASCO’s net operating revenues surged 68.81% to SAR 522.27 million in the three-month period ended last June, from SAR 309.38 million in the corresponding period a year ago.
The Tadawul-listed firm’s net profits hit SAR 15.28 million in H1-18, compared to SAR 10.97 million during H1-17.
SASCO ascribed first-half profit increase to a 66.08% surge in sales, whereas Zakat expenditure went down.
Net operating revenues soared 66.08% to SAR 982.22 million in the first six months of 2018, compared to SAR 591.41 million in the same period last year.
SASCO’s stock inched down 0.04% to close Wednesday’s trading session at SAR 16.