RIYADH: Saudi Automotive Services Co posted a 73 percent increase in profit in the first nine months of 2022 on the back of soaring sales.
SASCO’s net profit hit SR61 million ($16 million), up from SR36 million in the same period a year earlier, according to a bourse filing.
In response to the announcement, the automotive firm saw its shares climb 0.16 percent to end the session at SR31.85.
The company attributed the profit hike to a 96 percent surge in revenue to over SR6 billion during the first nine 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.
In the third quarter of 2022, SASCO’s profits jumped by 106 percent to reach SR24 million, up from SR11 million in the same period last year.
SASCO operates car service stations, restaurants, and a gasoline transporter fleet. It also supplies spare parts for workshops.
