The net profit of Saudi Automotive Services Company “SASCO” decreased by 33.22% in the first quarter of 2022, to about 8.02 million riyals after zakat and taxes, compared to a profit of about 12.01 million riyals in the first quarter of 2021.
On a quarterly basis, SASCO’s net profit decreased by 47.75%, compared to a profit of approximately 15.35 million riyals in the fourth quarter of 2021.
“SASCO” said in a statement in “Saudi Tadawul”, today, Sunday, that the reason for the decrease in net profit during the first quarter of 2022, on an annual basis, is due to the decrease in total profit following including the same quarter of the year precedent on inventory adjustments resulting from changes in fuel prices, in addition to the suspension of some development sites, the decrease in the profit margin of diesel, the increase in operating costs, general and administrative expenses and financing costs, the increase in the impact of Standard 16 and decrease in investment profits, despite the increase in the amount of sales and other income.
Gross profit decreased by 5.3% in the first quarter of 2022, to 35.65 million riyals, compared to 37.65 million riyals in the first quarter of 2021.
Read More About: Business News