RIYADH: Saudi Automotive Services Co.'s shares slipped 3.74 percent at the closing of Sunday despite reporting a 57 percent increase in profit in the first half of 2022 on the back of soaring sales.
SASCO’s net profit hit SR38 million ($10 million), up from SR24 million in the same period a year earlier, according to a bourse filing.
The company attributed the profit hike to a 96 percent surge in revenue to over SR3.3 billion during the first six months of the year, helped by the acquisition of NAFT, it said.
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.
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.
