The company has posted a net profit increase of 15.13% from last year
Saudi Automotive Services (SASCO) has come out with its annual financial results for December 31, 2017. The company has posted an increase in net profit in the current period by 15.13% compared to the same period last year. This is due to an increase in operating income for the current period by 20.24% as a result of fuel retail network expansion. The increase in operating profit by 91.13% is with the decrease in general and administrative expenses due to the decrease in the provision for custom claims, despite the increase in selling and marketing expenses and the corresponding period of the previous year on investment income of SAR 11.29 million.
Based on the financial statements prepared in accordance with the requirements of the International Financial Reporting Standards adopted in Saudi Arabia by the Saudi Organization for Certified Public Accountants, the comparative figures for 2016 have been reclassified.
The net sales during 2017 is around 1,214 billion SR in comparison to 1,094 million SR for the same period of the prior year which is an increase of 10.97%.
There is an increase of 136.39% in total comprehensive income for the current period reaching SAR 28.91 million compared to SAR 12.23 million for the same period last year.
An increase of 3.68% in total shareholder’s equity (minority rights) at the end of the current period reaching SAR 816 million compared to SAR 787 million for the same period last year. PWKD18012018