Saudi automotive firm SASCO sees 26% jump in profit as sales double

RIYADH: Saudi Automotive Services Co., known as SASCO, reported a 26-percent increase in profit in 2021 as sales almost doubled.

Net profit hit SR50 million ($13 million), up from SR40 million a year earlier, according to a bourse filing.

The company attributed the profit hike to over a 90-percent increase in revenue to SR4.06 billion during the year.

SASCO operates car service stations, restaurants, and a gasoline transporter fleet. It also supplies spare parts for workshops. It also looks at ways to expand locally,

The firm had earlier closed a SR1.1 billion deal to acquire 80 percent of NAFT Services Limited Co., which has over 200 gas stations across the Kingdom.